The Centre for Risk, Compliance & Governance Studies
  • Register
  • About Us The Journal
    Knowledge Hub
    Latest News Knowledge Articles Case Studies Opinion & Insights Glossary
    Events Certificationsgirld Contact Us
    Register

    Prohibition of Benami Transactions

    The Act prohibits purchase or holding of property in another person's name without actual consideration by the named holder. Such transactions are illegal and attract confiscation and penalties to prevent misuse of benami arrangements for tax evasion or money laundering.