PMLA Judgment Reconsideration : Live Updates From Supreme Court Hearing
LIVELAW NEWS NETWORK
22 Nov 2023 5:04 AM GMT
![PMLA Judgment Reconsideration : Live Updates From Supreme Court Hearing PMLA Judgment Reconsideration : Live Updates From Supreme Court Hearing](https://www.livelaw.in/h-upload/2022/10/12/750x450_438881-435976-366521-live-updates-sc.jpg)
Live Updates
- 22 Nov 2023 10:22 AM GMT
Sibal: PMLA is under the FATF scanner of laws being misused to target NGOs.
Sibal reads out Art 6 of Palermo Convention -
"Each State Party shall adopt, in accordance with fundamental principles of its domestic law, such legislative and other measures as may be necessary to establish as criminal offences, when committed intentionally..."
- 22 Nov 2023 10:20 AM GMT
Sibal: The conventions were for drug trafficking and organised crime...This is what PMLA is meant for...Not S 420 etc
Khanna J: No of countries have added scheduled offences.
Sibal: Yes, but that has to be tested on basis of constitutional principles. Some jurisdictions have extended it, but they don't have the kind of provisions we have.
- 22 Nov 2023 10:13 AM GMT
SG Mehta: As a nation, we should be proud that there is a provision that allows the confiscated property to be restored to claimants with legitimate interest. Approximately 17,000 crores amount has been restored to victims, especially in bank fraud cases. (Refers to S 8(8) PMLA)
- 22 Nov 2023 10:09 AM GMT
Sibal: This confiscation is in aid of prosecution...after you are convicted. But, Vijay Madanlal interprets PMLA as a regulatory statute. When your property is attached, your bank account frozen...A businessman's business is finished. You cannot have draconian provisions of this manner.
- 22 Nov 2023 10:00 AM GMT
Sibal raises concern about possession of proceeds of crime being categorised as money laundering -
"Every crime would amount to laundering of money, and in every crime, unless you show that you are not guilty, you will not get bail. That's the consequence and the enormity of the impact of this judgment."