Addressing the delegates at the Workshop on Prohibition of Money Laundering & Benami Laws Recent Trends and Impacts held at PHD House, New Delhi, today, the Chief Guest Mr. Balwinder Singh, Advisor, Ministry of Corporate Affairs & SFIO and Former Special Director, CBI highlighted about the Money Laundering Act and its structural formation. He further thanked and appreciated PHD Chamber of Commerce and Industry for providing the opportunity.
Mr. Singh reiterated that the Act is applicable to dirty money and not black money. Citing the cases, Mr. Singh also highlighted disassociating the illegal money from the source of the crime by creating a complex web of financial transactions for concealing its source, trail and ownership.
Mr. Vijay Jhalani, Co-Chairman, Corporate Affairs Committee, PHD Chamber while addressing a distinguished audience highlighted the three stages involved in Money Laundering Act which are assimilating of proceeds of crime into the financial system; routing of assimilated proceeds of crime to hide its source and re-introduction of the proceeds of crime subsequent to above two stages to project such proceeds of crime as white money.
Dr. Shamsuddin Shams, Founder Member & Managing Partner, Shams Legal LLP spoke on Understanding of Key Issues under PMLA; Mr. R K Handoo, Advocate highlighted the Nuances of Prosecution by Enforcement Directorate under PMLA, FEMA and by SFIO under Companies Act, 2013 and Mr. Ashwani Taneja, Advocate, Ex-Member, Income Tax Appellate Tribunal discussed the Interplay between PMLA, Benami Law, Black Money, Income Tax and FEMA.
The conference was attended by more than 100 delegates from the field of Company Secretary and Chartered Accountancy among others.