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ARTICLE · 06 JANUARY 2020

Amendment To Prevention Of Money Laundering Act, 2002: Key Features

S.S. Rana & Co.
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Thus, the proceeds from criminal activities further propel crimes and create a parallel economy and all of these transactions operate being unnoticed.

IndiaGovernment, Public Sector
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Money laundering is the process where proceeds of a crime or unlawful activity are filtered in such a way that the source of their origin is disguised. Section 3 of Prevention of Money Laundering Act, 2002 (hereinafter referred to as PMLA) defines "money laundering" as Whosoever attempts to indulge in any process or activity connected 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.

Thus, the proceeds from criminal activities further propel crimes and create a parallel economy and all of these transactions operate being unnoticed.

The PMLA also enumerates a list of offences which are classified as 'scheduled offences' constitute as 'crimes'.

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