Money Laundering

Navigating OFAC Sanctions: Insights for Indian Businesses and Banks

As sanctions regimes become highly objective oriented, the Office of Foreign Asset Control (OFAC) is focused on ensuring enforcement and targeting entities involved in violating the sanctions, irrespective of their nationality. The inherent complexity, supplemented by an objective-focused approach, makes sanctions compliance even more important in today’s geopolitical climate. On June 12, 2024, the U.S. Department of the Treasury (Treasury Department) unveiled a comprehensive set of anti-money laundering measures aimed at enhancing transparency and preventing illicit financial activities. These measures, along with the OFAC advisory, bring significant implications for financial institutions worldwide by expanding grounds for imposing sanctions against Foreign Financial Institutions (FFIs) and limiting the provision of certain software technologies to Russia.[1]Continue Reading Navigating OFAC Sanctions: Insights for Indian Businesses and Banks

Tarsem Lal v Directorate of Enforcement: Supreme Court further clarifies PMLA framework

OVERVIEW:

Through a series of recent judgements, the Hon’ble Supreme Court has outlined limits to the Directorate of Enforcement’s (“ED”) powers under the Prevention of Money Laundering Act, 2002 (“PMLA”). Resultantly, issues that were rather ambiguous are now a lot clearer.Continue Reading Tarsem Lal v Directorate of Enforcement: Supreme Court further clarifies PMLA framework