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ARTICLE · 27 JULY 2023

Lawyers As Gatekeepers / Reporting Agency Under PMLA: Does It Violate Attorney - Client Privilege?

Sarthak Advocates & Solicitors
Sarthak Advocates & Solicitors
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Sarthak Advocates & Solicitors

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In light of the upcoming onsite review of India's regulations and supervision by the international money laundering watchdog i.e. Financial Action Task Force ["FATF"] in November 2023, the Government...

IndiaGovernment, Public Sector
Pranav Malhotra
Pranav Malhotra
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INTRODUCTION

In light of the upcoming onsite review of India's regulations and supervision by the international money laundering watchdog i.e. Financial Action Task Force ["FATF"] in November 2023, the Government of India has in the recent past, introduced certain amendments to the Prevention of Money Laundering Act ["PMLA"]. The most recent amendment brought about in May 2023, have included certain Designated Non-Financial Businesses and Professions ["DNFBPs"], such as chartered accountants and individuals representing companies as 'reporting entities', requiring them to record all transaction undertaken on behalf of their clients.

News reports reveal that the Indian Government plans to introduce further amendments to include lawyers as 'reporting entities'.1 and require them to keep a record of all transactions with their clients and share any suspicious activity with authorities, as the country looks to strengthen its money laundering laws

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