International Cooperation — Legal Reforms

Entry	Year	Description	Impact
PMLA (Amendment) Act, 2012	2012	Expanded the definition of 'reporting entity' and 'offence of money laundering,' and introduced the concept of 'corresponding law' for international cooperation.	Strengthened the scope for international cooperation by aligning India's PMLA more closely with global standards, particularly regarding the identification of predicate offenses and the entities obligated to report suspicious transactions, making cross-border investigations more feasible.
PMLA (Amendment) Act, 2019	2019	Clarified the definition of 'proceeds of crime' to include property derived or obtained directly or indirectly by any person as a result of criminal activity relating to a scheduled offence.	This amendment broadened the scope for asset recovery, including those assets held abroad, by providing a clearer legal basis for identifying and tracing proceeds of crime, which is crucial for international asset forfeiture and confiscation requests under MLATs and bilateral agreements.