Prevention of Money Laundering Act — Legal Reforms

Entry	Year	Description	Impact
PMLA (Amendment) Act, 2009	2009	Expanded the definition of 'reporting entity' to include more financial intermediaries and professionals. Introduced the concept of 'corresponding law' for international cooperation.	Broadened the net for financial surveillance, bringing more entities under the obligation to report suspicious transactions. Facilitated greater international collaboration in tracing illicit funds.
PMLA (Amendment) Act, 2012	2012	Made money laundering a standalone offense, independent of the predicate offense. Increased punishment, expanded the list of predicate offenses, and established the Appellate Tribunal.	Significantly strengthened the Act by allowing prosecution for money laundering even if the predicate offense conviction was not secured. Enhanced punitive measures and created a dedicated appellate mechanism for PMLA cases.
PMLA (Amendment) Act, 2019	2019	Clarified that the offense of money laundering is independent of the predicate offense. Expanded 'proceeds of crime' to include equivalent value property. Enhanced ED's powers for summons and arrest. Retrospective application.	Further solidified the 'proceeds-based' approach, making it easier to target illicit assets regardless of the predicate offense's status or location. Bolstered ED's investigative capabilities and addressed ambiguities, aligning with FATF recommendations.