New Delhi: In a May 9 notification, the Union government has reportedly expanded the scope of the Prevention of Money Laundering Act (PMLA) to also include individuals representing a company or acting as a director.
This notification came a week after the government had brought chartered accountants, company secretaries, and cost and work accountants under the law’s fold.
The notification from the Department of Revenue, Ministry of Finance states that individuals “providing a registered office, business address or accommodation, correspondence or administrative address for a company or a limited liability partnership or a trust” will fall under the PMLA, Deccan Herald reported.
“The scope (of the money laundering law) has been widened to include every person representing another person for certain activities,” Rajat Mohan, a partner at tax consultancy firm AMRG & Associates, told Reuters.