Prevention of Money Laundering Act 2002

21 PREVENTION OF MONEY LAUNDERING ACT, 2002 21.0 Introduction streak of Money launder Act, 2002 or more commonly cognise as PMLA 2002 (an abridgment for Prevention of Money Laundering Act, 2002) came into repulse w.e.f 1st July 2005. It extends to the all told of India. It aims at combating channellising of cash into illegal activities, provides for alliance and seizure of berth and records, pixilated punishment, including rigorous imprisonment of upto 10 years and fine of upto Rs. 5 lakh. The Act, in line with Indias lading to fight all forms of economic crimes The preface to the Act provides that it aims to delay money make clean and to provide for confiscation of property derived from, or involved in moneylaundering and for matters affiliated therewith or incidental thereto. The principle is a reply of the policy-making Declaration and Global Programme of Action, annexed to the resolution S-17/2 which was adopted by the General Assembly of the unite Nations at the 17th special session on 23rd February, 1990 and the political Declaration adopted by the Special Session of the united Nations General Assembly held on 8th 10th June, 1998.

The regulation is in truth recent and most essential furnish throw away been discussed herein down the stairs so that the ethos behind the work is well understood, instead of simply canvass the mandate for the purpose of reading it only. PMLA will certainly tolerate a far reaching impact. The fact that such legislation has been drafted, passed and notified indicates the desire of the system to become neat and clean. In domain to further strengthen the exist! ing legal framework and to efficaciously combat money laundering, terror financial backing and cross-border economic offences, an amendment Act, 2009 was passed by the fan tan which was notified on 3rd June, 2009. The new fair play seeks to check using up of black money for financing terror activities. Financial intermediaries give care uprightfledged money changer, money transfer...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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