Section 70(2) in The Prevention of Money-Laundering Act, 2002
(2)Notwithstanding anything contained in sub-section (1), where a contravention of any of the provisions of this Act or of any rule, direction or order made thereunder has been committed by a company and it is proved that the contravention has taken place with the consent or connivance of, or is attributable to any neglect on the part of any director, manager, secretary or other officer of any company, such director, manager, secretary or other officer shall also be deemed to be guilty of the contravention and shall be liable to be proceeded against and punished accordingly.Explanation 1. For the purposes of this section,(i)company means any body corporate and includes a firm or other association of individuals; and(ii)director, in relation to a firm, means a partner in the firm.[Explanation 2. - For the removal of doubts, it is hereby clarified that a company may be prosecuted, notwithstanding whether the prosecution or conviction of any legal juridical person shall be contingent on the prosecution or conviction of any individual.] [Inserted by Act No. 2 OF 2013]
