Vinodanand Jha becomes the chairperson to PMLA Adjudicating Authority // Some Information about PMLA Adjudicating Authority and PMLA // 2022 Current Affairs //

 Vinodanand Jha becomes the chairperson to PMLA Adjudicating Authority:

Govt. of India appointed Vinodanand Jha as the Chairperson of the Prevention of Money Laundering Act (PMLA) Adjudicating Authority, for 5 year tenure. 

Vinodanand Jha is a 1983-batch IRS officer, who was served as the Principal Chief Commissioner of Income Tax in Pune.

The PMLA Adjudicating Authority is a three-member body that derive its power from the Prevention of Money Laundering Act (PMLA) Act,2002. As per PMLA ACT, "Adjudicating Authority decides that any property involved in money-laundering, Adjudicating Authority shall, by an order in writing confirm the attachment of the property made or retention of property or record seized". So basically it decides whether any of the property attached or seized is involved in money laundering.

What is PMLA Act, 2002?

Prevention of Money Laundering Act, 2002 is enacted to empower the Enforcement Directorate in tackling the cases of Money Laundering and provide for confiscation of property derived from money-laundering.

SPECIAL NOTES FOR ASPIRANTS:

• Money laundering is the process of conversion of money generated by criminal activity to make it appear as 'legitimate' money

• Enforcement Directorate[ED] formed in 1956.

• ED comes under Ministry of Finance

• Minister of Finance- Nirmala Sitharaman

• Director Enforcement- Sanjay Kumar Mishra