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Aug 25, 2022 · On Thursday, the Supreme Court will hear in open court a review of its judgment upholding key provisions of the Prevention of Money Laundering Act (PMLA), 2002. A three-judge Bench comprising Justices A M Khanwilkar (who has since retired), Dinesh Maheshwari, and C T Ravikumar had ruled on a batch of over 240 petitions challenging the special law against money laundering.
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- Introduction
- Money Laundering : An Overview
- Biggest Money Laundering Cases in India
- Laws That Govern Money Laundering Cases in India
- Authorities Responsible For Investigating Money Laundering Cases
- The Impact of Money Laundering : An Economic, Social and Political Scenario
- The Way Forward
- Conclusion
- Frequently Asked Questions
- References
Louisa May Alcott rightly quoted, “Money is the root cause of all evil”, and our country, India, is no stranger to several high-profile cases of money laundering. In this era, everyone is in the rat race to earn more and more money. While we have some individuals who use ethical and legal means to earn money, there are some who resort to unethical ...
Before we dive deep into the biggest money laundering cases, let us have a look at the nitty-gritty of money laundering.
Now that we know what money laundering is, let us take a look at some legendary scams in India that everyone has heard of!
In order to safeguard the integrity of the market and prevent such cases of money laundering, the Indian authorities have enacted multiple laws and regulations. Some of the acts are as follows:
Authorities responsible for investigating money laundering cases in India
There are several authorities responsible for carrying out investigations on matters relating to money laundering, namely:
Economic impacts
Money laundering can have a dire effect on the economy of a country; some of the impacts, inter alia, are as follows: 1. It compromises with the legality of the private sector. 2. It compromises the integrity of financial markets. 3. There is economic distortion and unsteadiness. 4. There is a loss of control of economic policy. 5. There is also a loss of revenue. 6. There is inconsistency in the exchange and interest rates due to out-of-the-blue transfers of funds. 7. A detrimental effect is...
Social impact
The social impacts of money laundering, inter alia, are as follows: 1. There is an upsurge in crime rates. 2. It causes a decline in the process of human development. 3. The resources get misallocated. 4. Money laundering affects the trust of the general public in their domestic financial institution. 5. Money laundering also weakens the moral and social position of society by exposing it to illicit activities like drug trafficking, smuggling, and corruption, amongst other criminal activities.
Political impact
1. It initiates political distrust and volatility. 2. There is criminalisation of politics.
There are several provisions laid down by the government for ceasing the illegal activity of money laundering. Individuals, organisations, and businesses involved in money laundering rely heavily on fraudulent exports to carry out such fictitious economic transactions. Such frauds are always carried on by spending on expensive art and paintings, st...
The two root causes of the aforementioned economic scams and money laundering cases are corruption and greed. Greed can be a powerful tool for disrupting economies in matters related to money laundering. It not only harms economies by causing a lopsided demand for money, but it also destroys the private sector by encouraging cutthroat competition o...
What is PMLA?
The Prevention of Money Laundering Act, 2002, commonly known as PMLA, is said to be a law helping combat the issue of money laundering in India. Moreover, there are multiple specialised government agencies, inter alia, that deal with the issue of money laundering like- 1. The Reserve Bank of India (RBI), 2. The Securities and Exchange Board (SEBI), 3. The Development Authority of India.
What role does the SEBI play in preventing cases of money laundering?
SEBI plays a major role in combating the issue of money laundering in India. SEBI introduced “Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries.” These guidelines are in accordance with the principles laid down under the PMLA.
What sort of activities are considered as an offence of money laundering under the PMLA?
Under the PMLA, any person who makes an attempt to engage in any activity that is related to the proceeds of a crime will be deemed guilty of committing a money laundering offence.
People also ask
How to prevent money laundering in India?
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©2018 IJRAR November 2018, Volume 5, Issue 4 www.ijrar.org (E-ISSN 2348-1269, P- ISSN 2349-5138) IJRAR1903987 International Journal of Research and Analytical Reviews (IJRAR) www.ijrar.org 738
Sep 12, 2023 · Deciphering the Code: A Compilation of PMLA Judgments (2023) and Legal Evolution. This article is a compilation of judgments passed by the Supreme Court of India in cases coming within the purview of the Prevention of Money Laundering Act. Embarking on a journey through the intricate realm of the Prevention of Money Laundering Act (PMLA) takes ...
May 18, 2023 · The law relating to PMLA in the year 2022 has an important date, which is 27-7-2022, the day when Supreme Court delivered the landmark judgment of Vijay Madanlal Choudhary v. Union of India1. The judgments up to July 2022 had adopted divergent views, especially on applicability of Section 45, pertaining to grant of bail and the twin conditions ...
May 19, 2022 · Money laundering has affected the global economy for many years, and there are several methods of solving it presented in the literature. ... 13 were literature reviews, 7 used qualitative methods ...
the money is gone. Fraud cases in India of Nirav Modi and Vijay Mallya Nirav Modi fraud case and India's bank debt crisis Punjab National Bank (PNB) is India's second largest government-owned bank with assets of around $111.7bn (£79bn) as of 31 March 2017. The total amount of the alleged fraud has been estimated to total $1.8bn.
