DelhiDesk Chartered accountants, company secretaries, and cost accountants in India can now be held liable under the Prevention of Money Laundering Act (PMLA) for certain financial transactions carried out on behalf of their clients. The Finance Ministry has brought them under the ambit of the PMLA for five types of financial transactions, including managing bank accounts and sale/purchase of properties. Chartered accountants will be equally liable for punishment and fines under the PMLA Act, 2002, along with their clients. The move is aimed at curbing black money, and the Institute of Chartered Accountants of India (ICAI) will conduct an awareness program for its members to adapt them to this change.
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👉 Chartered accountants, company secretaries, and cost accountants can now be held liable under the Prevention of Money Laundering Act (PMLA) for certain financial transactions on behalf of their clients.
👉 Their role in managing bank accounts and sale/purchase of properties on behalf of customers will be examined under the PMLA law.
👉 Chartered accountants will be equally liable for punishment and fine under the PMLA Act, 2002 along with their clients.
👉 Chartered accountants have become sources of information on specific types of transactions and must keep complete records and KYC of customers.
👉 The government is taking strict steps to curb black money and make PMLA provisions stricter.
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