Activities carried out by CA, CS and CWA on behalf of clients to be covered under PMLA

The Government has issued a notification to amend the definition of a ‘person carrying on designated business or profession’ under Section 2(1)(sa). The new regulations state that financial transactions conducted by practising Chartered Accountants (CA), Company Secretaries (CS), and Cost and Works Accountants (CWA) on behalf of their clients will now fall within the purview of the Prevention of Money Laundering Act (PMLA). These transactions include activities like managing client money, buying and selling of immovable property, securities, or other assets, among others.