Title: Prevention of Money Laundering Act, 2002 - Wikipedia
Headings: Prevention of Money Laundering Act, 2002
Prevention of Money Laundering Act, 2002
Contents
Objectives
Key definitions
Salient features
Punishment for money-laundering
Powers of attachment of tainted property
Adjudicating Authority
Presumption in inter-connected transactions
Burden of proof
Appellate Tribunal
Special Court
FIU-IND
Similar laws in other countries
Money Laundering Control Act of 1986
See also
References

Content: In force
Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005. The Act and Rules notified there under impose obligation on banking companies, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit - India (FIU-IND). The act was amended in the year 2005, 2009 and 2012. On 24 Nov 2017, In a ruling in favour of citizens' liberty, the Supreme Court has set aside a clause in the Prevention of Money Laundering Act, which made it virtually impossible for a person convicted to more than three years in jail to get bail if the public prosecutor opposed it. ( Section 45 of the PMLA Act, 2002, provides that no person can be granted bail for any offence under the Act unless the public prosecutor, appointed by the government, gets a chance to oppose his bail. And should the public prosecutor choose to oppose bail, the court has to be convinced that the accused was not guilty of the crime and additionally that he/she was not likely to commit any offence while out on bail- a tall order by any count.) ( It observed that the provision violates Articles 14 and 21 of the Indian Constitution)
Contents
1 Objectives
2 Key definitions
3 Salient features
3.1 Punishment for money-laundering
3.2 Powers of attachment of tainted property
3.3 Adjudicating Authority
3.4 Presumption in inter-connected transactions
3.5 Burden of proof
3.6 Appellate Tribunal
3.7 Special Court
3.8 FIU-IND
4 Similar laws in other countries
4.1 Money Laundering Control Act of 1986
5 See also
6 References
Objectives
The PMLA seeks to combat money laundering in India and has three main objectives: To prevent and control money laundering. To confiscate and seize the property obtained from the laundered money;