Section 9: Real estate agents, FIU
This section is inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act, section 10.
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
9. Real estate agents, FIU
including land promoters,
property developers and
a person employed by the
State, a statutory body or
such other body as may
be prescribed under the
Real Estate Authority Act
2020 who, in the
discharge of his
functions, carries out a
real estate transaction (in
so far as it relates to
AML/CFT under this Act
or under any other
relevant enactment)
(ii) in Part II, in paragraph 1 –
(A) by repealing paragraph (a) and replacing by the following
paragraph –
(a) a person licensed, under the Gambling
Regulatory Authority Act, to operate a casino and
a gaming house A, where any of his customers
engages in, on any given date, a total cumulative
financial transaction equal to or above 50,000
rupees or an equivalent amount in foreign
currency;
(B) by repealing paragraph (b);
(p) by adding the Fifth Schedule set out in the First Schedule to this Act.
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Questions this section answers
- Are real estate agents and property developers treated as 'reporting persons' under the anti-money laundering law?