Clause 187 - Amendment of section 2. - Finance (No. 2) Bill, 2019

PART XIII AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002 Amendment of section 2. 187. In the Prevention of Money-laundering Act, 2002 (15 of 2003.) (hereafter in this Part referred to as the principal Act), in section 2, in sub-section (1), (i) in clause (n), in sub-clause (i), the word sub-broker, shall be omitted; (ii) in clause (sa), for sub-clause (ii), the following sub-clause shall be substituted, namely: (ii) Inspector-General of Registration appointed under section 3 of the Registration Act, 1908 as may be notified by the Central Government; . Note: While Passing the bill in the Loksabha as on 18-7-2019, the following amendments were made: Page 53, after line 19, insert- (iii) in clause (u), the following Explanation shall be inserted, namely:-- Explanation . -- For the removal of doubts, it is hereby clarified that proceeds of crime include property not only derived or obtained from the scheduled offence but also any property which may directly or indirectly be derived or obtained as a result of any criminal activity relatable to the scheduled offence; . (24) Thus, the amended provision will be: Amendment of section 2. 187. In the Prevention of Money-laundering Act, 2002 (15 of 2003.) (hereafter in this Part referred to as the principal Act), in section 2, in sub-section (1), (i) in clause (n), in sub-clause (i), the word sub-broker, shall be omitted; (ii) in clause (sa), for sub-clause (ii), the following sub-clause shall be substituted, namely: (ii) Inspector-General of Registration appointed under section 3 of the Registration Act, 1908 as may be notified by the Central Government; . (iii) in clause (u), the following Explanation shall be inserted, namely:-- Explanation . -- For the removal of doubts, it is hereby clarified that proceeds of crime include property not only derived or obtained from the scheduled offence but also any property which may directly or indirectly be derived or obtained as a result of any criminal activity relatable to the scheduled offence.;