Amendment to Section 2 of Asset (Money) Laundering Prevention Act, 2008

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Section 2 of Asset (Money) Laundering Prevention Act, 2008 (herein after referred to as “the Principal Act”):
(1) The following Clause (e1) shall be inserted after Clause (e) : (e1) “Professional” means notary public, auditor, insolvency professional, drafting agent and other similar professionals.
(2) The words “and the term also means similar other transactions that the FIU declares from time to time as suspicious transaction” has substituted for “means” contained Clause (L)
(3) The following Clause (m) shall be substituted for Clause (m) : (m) “Asset” means physical, non-physical, movable, immovable, tangible or intangible property or any object or instrument which has a monetary value and the term also means any document, evidence interest, claim or any other instrument establishing ownership or rights over such asset.

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Amendment to Section 2 of Asset (Money) Laundering Prevention Act, 2008

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