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ARTICLE · 29 OCTOBER 2019

Proceeds Of Crime

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The (Indian) Prevention of Money Laundering Act, 2002 ("PMLA") sets out the legislative framework for the prosecution of the offence of ‘money laundering' in India.

IndiaCriminal Law
Harsh Kabra
Harsh Kabra
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The (Indian) Prevention of Money Laundering Act, 2002 ("PMLA") sets out the legislative framework for the prosecution of the offence of 'money laundering' in India. The PMLA criminalizes 'money laundering' and allows for the provisional attachment leading up to confiscation of the 'proceeds of crime'. The 'Enforcement Directorate' is the nodal agency that has been empowered to investigate and prosecute the offence of 'money laundering'. The definition of the offence of ‘money laundering’ set out under Section 3 of the PMLA is as follows:

"Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of offence of money-laundering."

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