Title: Money Laundering, MoneyLaundering.legal, Anti Money Laundering, Anti Money Laundering law, AML, Moneylaundering, PMLA
Headings: 
Indian Anti Money Laundering Laws
The Prevention of Money Laundering Act, 2002 (PMLA)
Introduction
Background
Scope
Offence of Money Laundering
Maintenance of Records & KYC Under PMLA
Financial Intelligence Unit - India
Attachment of Property under PMLA
Arrest Under PMLA
Bail under PMLA
Summon, Survey & Search
Seizure of Property & Records under PMLA
Interconnected Transactions
Onus of Proof
Appellate Authority
Special Court
Offenses of Cross-Border Implications
By
Vijay Pal Dalmia, Advocate
Supreme Court of India & Delhi High Court
Email id: vpdalmia@gmail.com
Mobile No.: +91 9810081079
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Content: It comprises of a large system of informal money exchanges and tax evasion techniques which has contributed to the country being vulnerable to money laundering activities. India has traditionally been strict on foreign-exchange and reporting norms but with the rise of Hawala transactions and Indians migrating to the middle-east, UK taking advantage of schemes such as Windrush, North America and the rise of the remittance transfers, the governments and the Law Commission started paying attention to these practices in their reports and parliamentary discussions. Before the enactment of a specific legislation tackling the issue, several pieces such as the Income Tax Act 1961, The Benami Transactions (Prohibition) Act 1988, The Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988 and many more were indirectly dealing with problems that were arising however, it was not sufficient with the growth of illegal activities funded by the laundered money such as poaching, organ trade etc. Background
A person will be guilty of the offence under PMLA should they actually indulge or involve themselves, knowingly assist a person, or knowingly become a party to an activity or the process which involves the concealment, possession, acquisition, use, projecting, or claiming of any proceeds of the crime as untainted property. Under PMLA, a person or an activity which is connected with the ‘earnings’ of the offence continues until enjoyment is attained either directly or indirectly through these proceeds. The punishment for the crime includes a minimum sentence of at least 3 years which may extend to 7 years and includes a fine for the guilty. The punishment may further extend to 10 years in prison if the crime associated with the laundered money involves narcotics. PMLA does not provide for any limitation period for the crime of money laundering. There are no codified defenses against the offence of money laundering apart from the lack of knowledge argument under common law. The, plea bargaining is not available to defendants accused of the offence under section 3 of PMLA.