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 press w.e.f 1st July 2005. It extends to the all told of India. It aims at combating channellising of bullion into illegal activities, provides for fastening and seizure of position and records, pixilated punishment, including rigorous imprisonment of upto 10 years and fine of upto Rs. 5 lakh. The Act, in line with Indias inscription to fight all forms of economic crimes The preface to the Act provides that it aims to prohibit money make clean and to provide for confiscation of property derived from, or involved in moneylaundering and for matters connected therewith or incidental thereto. The principle is a case 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 policy-making Declaration adopted by the Special Session of the unite Nations General Assembly held on 8th 10th June, 1998. The command 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 rent the regulation for the purpose of reading it only. PMLA will certainly make believe 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 posit to further strengthen the existing legal framework and to efficaciously combat money laundering, terror 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 constabulary seeks to check using up of black money for financing terror activities. Financia l 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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