Prevention Of Money Laundering Act, 2002

To fight against the criminal offence of legalizing the illegally acquired profits/income the Prevention of Money Laundering Act was enacted in 2022. This Act allows the government or the public authority to confiscate the property which is earned from the illegally gained proceeds.

Any person who directly or indirectly attempts to indulge, assists the person who is actually involved in any process or is a party to the activity connected with the proceeds of crime like the supply of illegal arms, drug trafficking, and prostitution, which can generate huge amounts of money and projecting or claiming it as unattained property; shall be guilty of the offences of Money Laundering.

Some of the Acts and Offences, which may attract PMLA, are given below:

Part A talks about offences under various acts such as IPC, Prevention of Corruption Act, Copyright Act, Narcotics Drugs and Psychotropic Substances Act, Trademark Act, Information Technology Act, Wildlife Protection Act and Antiquities and Art Treasures Act, from Paragraph 1 to offences listed till Paragraph 29 including recently introduced offences under Companies Act, 2013, etc.

Part B false declaration and false documents, etc.

Part C deals with trans-border crimes and shows the dedication to tackle money laundering across the globe. The people involved and the techniques used in money laundering causes vary from case to case. We have seen a significant increase in prosecutions involving fraudulent loan applications or other schemes designed to take advantage of recently developed government assistance programs. Scams being perpetrated over the which attempt to defraud the victims have also increased.

If you own a business or even if you are just an individual need to be cautious when applying for business loans and assistance programs. Our legal teams provides knowledgeable and personalised legal representation to clients facing charges against money laundering. We defend cases of PMLA.