Money Laundering in India: A Multi-Dimensional Advent? 

Aashish Chojar
Student at Amity Law School, Amity University, Noida, Uttar Pradesh, India

Dr. Bhavna Batra
Asst. Professor of Law
Amity Law School, Amity University, Noida, Uttar Pradesh, India

Volume III, Issue III, 2020

Money Laundering is the process of concealing the true origins of money which is actually procured from illegal sources using outlawed methods or criminal activities. By the process of Money Laundering, money obtained via illegitimate means is converted into money that seems to have been earned through legal means. Money Laundering is an offence recognised almost across the entire Globe. It is used by some people for wrongful gains to avoid prosecution, taxes, etc. 

The Paper aims to discuss what Money Laundering means and the stages that illegitimate money i.e. “proceeds of crime” goes through before taking the form of legal “clean money”. Further, the Paper shall be attempting to throw light upon the effect of Money Laundering on the economy. From a Statutory Perspective the Paper shall then talk about the Legislation that deals with Money Laundering in India i.e. Prevention of Money-Laundering Act, 2002 (hereinafter referred to as “PMLA, 2002”) along with its features. The PMLA, 2002 is an Act which came into effect on July 1st, 2005. The Act deals with the prevention and adjudication thereto of the offences relating to Money Laundering and  its proceeds.

The paper shall further discuss features some specific provisions like the ones relating to Arrest and Bail thereof, Attachment of Property, Adjudicating Authority, Statements made to Enforcement Directorate Officials that may be used in evidence, etc. An endeavour has been made to draw a comparison between the National Perspective and the Global position. However, for the most part, the paper shall be confined to the Domestic Scenario, for the sake of relevance and brevity.

Next, the Paper intends to probe into the Judicial Outreach by discussing some prominent landmark Judicial Pronouncements clinched by some observations and suggestions.

Keywords: Money Laundering, Prevention of Money Laundering Act, 2002, India, Crime.


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