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Corporate Laws Central Ministry of Finance Prevention of Money-laundering Act, 2002

Amendment in the Prevention of Money laundering Act, 2002 by virtue of the Jan Vishwas (Amendment of Provisions) Act, 2023

11-Aug-2023 | CG-DL-E-12082023-248047

The Ministry of Law and Justice has issued a notification regarding the issuance of the Jan Vishwas (Amendment of Provisions) Act, 2023, which aims to decriminalize and rationalize minor offences to improve trust-based governance and ease of living and business. The act will come into force on a date set by the Central Government.

By virtue of the Jan Vishwas (Amendment of Provisions) Act, 2023, the Prevention of Money laundering Act, 2002 is amended. Highlights of the amendment are:

1. In the Schedule, Part A:

(i) Paragraph 21 has been replaced with a new description of offenses under the Trade Marks Act, 1999. This includes penalties for applying false trademarks, trade descriptions, selling goods with false trademarks, etc.

(ii) Paragraph 22 has been replaced with a new description of offenses under the Information Technology Act, 2000. This pertains to penalties for breach of confidentiality and privacy, including applicability for offenses committed outside India.

(iii) Paragraph 25 has been omitted.

(iv) Paragraph 27 has been omitted.

2. Prior to these amendments, the legal landscape regarding certain offenses was as follows:

(i) Paragraph 21: Offenses under the Trade Marks Act, 1999, includes penalties for applying false trademarks, trade descriptions, selling goods with false trademarks, etc., enhanced penalty on second or subsequent conviction, penalty for falsely representing a trademark as registered, and punishment of abetment in India of acts done out of India.

(ii) Paragraph 22: Offenses under the Information Technology Act, 2000, includes penalties for breach of confidentiality and privacy, and provisions for offenses committed outside India.

(iii) Paragraph 25: Offenses under the Environment Protection Act, 1986.

(iv) Paragraph 27: Offenses under the Air (Prevention and Control of Pollution) Act, 1981.

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