Taxmann S Analysis Strengthening India S Financial Security Key Amendments To Anti Money Laundering Rules
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Taxmann S Analysis Strengthening India S Financial Security Key Amendments To Anti Money Laundering Rules
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2023-10-20
Taxmann S Analysis Strengthening India S Financial Security Key Amendments To Anti Money Laundering Rules written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-20 with Law categories.
This article discusses the dynamic landscape of the anti-money laundering law, including: ‣ The definition of 'client due diligence' has been broadened. ‣ Reporting entities are now required to implement comprehensive group-wise programs to combat money laundering and terror financing, significantly enhancing financial security on a broader scale ‣ The pivotal role of principal officers in reporting entities has gained prominence as they are responsible for promptly reporting information related to suspicious transactions to directors ‣ The scope of client identification and verification requirements for reporting entities has expanded
Taxmann Advisory S Strengthening Anti Money Laundering Measure An In Depth Analysis Of The Recent Amendment To Pmla
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2023-05-15
Taxmann Advisory S Strengthening Anti Money Laundering Measure An In Depth Analysis Of The Recent Amendment To Pmla written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-15 with Law categories.
This document analyses recent amendments to India's Prevention of Money Laundering Act (PMLA), intended to bolster anti-money laundering (AML) measures. The Central Government broadened the act's scope to include new reporting entities: company directors and secretaries, firm partners, express trust trustees, and nominee shareholders. They are now required to report certain business activities, thereby contributing to the effort against money laundering. Particular attention is drawn to five areas: • The term "formation agent" now applies to individuals involved in incorporating companies and limited liability partnerships (LLPs), subject to PMLA provisions. Ambiguities remain around the term's precise definition. • People acting as directors, secretaries, or firm partners must adhere to PMLA obligations, including maintaining financial transaction records, verifying clients, and reporting suspicious transactions. • Commercial property owners providing registered office or business addresses for a company, LLP, or trust are now reporting entities under the PMLA. Some exemptions apply for lease-related activities. • Trustees of express trusts face increased scrutiny and potential compliance costs as they fall under PMLA purview, requiring stringent reporting and monitoring systems. • Nominee shareholders must disclose the ultimate beneficial owner's identity, increasing transparency in share ownership. However, certain activities are exempt from PMLA purview, like employee activities for their employers and activities carried out by certain professionals. These amendments aim to enhance AML measures by expanding reporting requirements and accountability, confronting money laundering and terrorist financing more effectively. However, they also bring increased compliance obligations for various entities.
Current Challenges In Revenue Mobilization Improving Tax Compliance
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-29
Current Challenges In Revenue Mobilization Improving Tax Compliance written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-29 with Business & Economics categories.
This paper addresses core challenges that all tax administrations face in dealing with noncompliance—which are now receiving renewed attention. Long a priority in developing countries, assuring strong compliance has acquired greater priority in countries facing intensified revenue needs, and is critical for fairness and statebuilding. Series: Policy Papers
The Rise Of Public And Private Digital Money
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-29
The Rise Of Public And Private Digital Money written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-29 with Business & Economics categories.
Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.
Why People Pay Taxes
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Author : Joel Slemrod
language : en
Publisher:
Release Date : 1992
Why People Pay Taxes written by Joel Slemrod and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
Experts discuss strategies for curtailing tax evasion
Informal Funds Transfer Systems
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Author : Mr.Samuel Munzele Maimbo
language : en
Publisher: International Monetary Fund
Release Date : 2003-08-18
Informal Funds Transfer Systems written by Mr.Samuel Munzele Maimbo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-08-18 with Business & Economics categories.
Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.
The Money Exchange Dealers Of Kabul
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Author : Samuel Munzele Maimbo
language : en
Publisher: World Bank Publications
Release Date : 2003
The Money Exchange Dealers Of Kabul written by Samuel Munzele Maimbo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Annotation The study examines the hawala system 's operational characteristics, vulnerability to financial abuse and regulatory implications.
The Long Shadow Of Informality
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Author : Franziska Ohnsorge
language : en
Publisher: World Bank Publications
Release Date : 2022-02-09
The Long Shadow Of Informality written by Franziska Ohnsorge and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-09 with Business & Economics categories.
A large percentage of workers and firms operate in the informal economy, outside the line of sight of governments in emerging market and developing economies. This may hold back the recovery in these economies from the deep recessions caused by the COVID-19 pandemic--unless governments adopt a broad set of policies to address the challenges of widespread informality. This study is the first comprehensive analysis of the extent of informality and its implications for a durable economic recovery and for long-term development. It finds that pervasive informality is associated with significantly weaker economic outcomes--including lower government resources to combat recessions, lower per capita incomes, greater poverty, less financial development, and weaker investment and productivity.
The Global Political Economy Of Israel
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Author : Jonathan Nitzan
language : en
Publisher: Pluto Press
Release Date : 2002-08-20
The Global Political Economy Of Israel written by Jonathan Nitzan and has been published by Pluto Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-08-20 with Business & Economics categories.
The debate about globalisation and its discontents
Banking Law And Practice
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Author : Hong Kong Institute of Bankers (HKIB)
language : en
Publisher: John Wiley & Sons
Release Date : 2012-09-04
Banking Law And Practice written by Hong Kong Institute of Bankers (HKIB) and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-04 with Law categories.
A solid understanding of how banks operate is crucial to grasp the functioning of modern society. Banks are an intrinsic part of business, finance, and everyday life. Modern banking is regulated by a sophisticated set of laws and regulations that are constantly evolving. Banking Law and Practice from the Hong Kong Institute of Bankers outlines and explains these laws and regulations clearly and in detail. This regulatory framework has a deep impact on banks, bankers, and anyone that deals with them, which is the overwhelming majority of society. This high level of impact makes Banking Law and Practice an important book as well as a necessary and authoritative reference for industry professionals, students, and the public at large. Banking Law and Practice discusses a range of topics that have a direct bearing on the day-to-day operations of banks, from contracts to how to ensure safe and secure lending. It examines the development and current state of banking legislation and regulation and facilitates bankers and their institutions to shape their practice to meet all the necessary legal and regulatory requirements. Students, industry professionals, and the public at large will welcome the thorough and clear explanations of the legal and regulatory framework in which banks operate. This book is essential reading for candidates studying for the HKIB Associateship Examination and anyone else seeking expert knowledge of the legal and regulatory structure affecting banks in Hong Kong. Topics covered in this book include: Contractual Relationships Code of Banking Practice Money Laundering Negotiable Instruments Law Related to Securities Bankruptcy and Insolvency