Anti Money Laundering Legislation In India

Article by Vijay Pal Dalmia, Advocate, Supreme Court of India and Delhi High Court, Partner & Head of Intellectual Property Laws Division, Vaish Associates Advocates, India

As time passed, people started to get innovative with the techniques they use to launder their money. Such people continuously look for such new routes as and when their old methods become public knowledge and easy for the authorities to track. Also, with the advent of the internet, criminals are now able to store their monies in digital forms and can transfer them from country to country wireless and through online gateways to multiple accounts. There are a range of factors that eased the process and they were listed by the United Nations Office on Drugs Control (UNODC) on their website. Some of them include the absence of cooperation agreements on such matters between countries, the ease of incorporation, tight corporate and bank secrecy laws in some countries, their geographical location,