The Ministry of Finance, Department of Revenue has issued a Notification vide F. No. P-12011/10/2023-ES Cell-DOR dated May 09, 2023 notified amendment in the definition of “person carrying on designated business or profession” under section 2(1)(sa) of the Prevention of Money-laundering Act, 2002 (“the PMLA Act”).
The Ministry has included directors of a company, trustees of an express trust and nominee shareholders of the company as reporting entities under the PMLA Act for certain activities undertaken in the course of business. These activities include acting as a formation agent of companies and LLPs, acting as a director or secretary, acting as a nominee shareholder, etc.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2023/245764.pdf