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Prevention of Money Laundering Act, 2002

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  • The primary objective of the Act is to prevent money-laundering and to provide for confiscation of property derived from or involved in money-laundering.

  • The term money- laundering is defined as whoever acquires, owns, possess or transfers any proceeds of crime; or knowingly enters into any transaction which is related to proceeds of crime either directly or indirectly or conceals or aids in the concealment of the proceeds or gains of crime within India or outside India commits the offence of money- laundering.

  • Besides providing punishment for the offence of money-laundering, the Act also provides other measures for prevention of Money Laundering.

  • The Act also casts an obligation on the intermediaries, banking companies etc. to furnish information, of such prescribed transactions to the Financial Intelligence Unit-India, to appoint a principal officer, to maintain certain records etc.

 

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