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July 24, 2024
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Government issues notice to nine offshore cryptocurrency platforms for non-compliance under Prevention of Money Laundering Act

Last Updated: Dec 29, 2023


The Financial Intelligence Unit India (FIU IND) has issued compliance show cause notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs).

Virtual Digital Assets Service Providers (VDA SPs) were brought into the ambit of Anti Money Laundering, Counter Financing of Terrorism (AML-CFT) framework under the provisions of the Prevention of Money Laundering Act (PML) Act, 2002 in March 2023.

Director FIU IND has written to Secretary, Ministry of Electronics and Information Technology to block the URLs of said entities that are operating illegally without complying with the provisions of the PML Act in India.

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