Govt. Brings Directors, Nominee Shareholders, Formation Agent of Companies/ LLPs under the Purview of PMLA

 ​    Notification No. S.O. 2135(E), Dated … Continue reading “Govt. Brings Directors, Nominee Shareholders, Formation Agent of Companies/ LLPs under the Purview of PMLA”
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Notification No. S.O. 2135(E), Dated 10.05.2023

The Government has notified amendment in the definition of “person carrying on designated business or profession” u/s 2(1) (sa). The Govt. has included directors of a company, trustees of an express trust and nominee shareholders of the company as reporting entities under the PMLA for certain activities undertaken in the course of business. These activities include acting as a formation agent of companies and LLPs, acting as a director or secretary, acting as a nominee shareholder, etc.

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