ARTICLE · 24 APRIL 2024

The Interrelationship Between IPC And PMLA: When Is Conspiracy An Offence Under PMLA?

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The Indian Penal Code (IPC) and the Prevention of Money Laundering Act (PMLA) are two vital pieces of legislation that deal with crime in India.

IndiaGovernment, Public Sector

Introduction

The Indian Penal Code (IPC) and the Prevention of Money Laundering Act (PMLA) are two vital pieces of legislation that deal with crime in India. The IPC, being a comprehensive code, deals with an expansive range of offences such as murder, theft, and robbery. The PMLA, on the other hand, is a specialized law that deals with money laundering.

Money laundering involves the concealment of the sources of the money which has been obtained from illegal sources and conversion of the same under the garb of a clean source, with an objective to avoid prosecution, conviction, and confiscation of such wrongfully acquired funds. In layman's terms, it can be understood as an illegal exercise that converts black money into white money.¹

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