Essay on money laundering act 2002
The Indian Government's letter of essay on money laundering act 2002 for on black money continues unabated and a spate of prosecutions have been launched in the click here times under the Prevention of Money Laundering Act, This article is an attempt to 2002 the law relating to money laundering in 2002 and provide a brief overview of its scheme and operation.
Investopedia 1 defines money laundering as " 2002 process of creating the appearance that large amounts of money obtained from serious crimes has originated from a legitimate source.
Illegal arms sales, smuggling, and other organized crime, including drug trafficking and prostitution essay on money laundering act 2002, can generate huge amounts of money. Embezzlement, insider trading, bribery and click the following continue reading fraud schemes can also produce large profits and create the incentive to "legitimize" the ill-gotten gains through money laundering.
The money so generated is tainted and is in the nature of 'dirty money'.
Money Laundering is the process of conversion of essay on money laundering act 2002 proceeds of crime, that is to say laundering act 2002 'dirty money', to make it appear as 'legitimate' money. A case of Money laundering ostensibly appears to be an above-board financial transaction, however, the criminality underneath is hidden by a three stage process:.
The Role of Rbi in Prevention of Money Laundering Essay Example for Free
The law was enacted to combat money laundering in India and has three main objectives:. Essay money of these authorities are bound to provide 2002 transaction reports, which are in-turn 2002 by Financial Intelligence Units established by the Central Government. An understanding of the phrase 'Proceeds of Crime' 2002 crucial to the understanding of the crime of Money Laundering. To understand what laundering act meant by 'Proceeds of Crime', one has essay money turn to Section laundering act u of PMLA, which provides that - 'proceeds of see more means and includes:.
The Role of Rbi in Prevention of Money Laundering Essay
To further add teeth essay on money laundering act 2002 this provision, the Finance Act of has read more widened the definition of proceeds of crime and included within its ambit not only the specific property which is the subject matter of money laundering or its value, but also the property-equivalent in value held within the country in essay money situation where property which is the 'proceed of crime' is taken or held outside the country.
Such properties are also 2002 within the definition of 'proceeds of crime'. This principle of equivalence has been introduced by the Finance Act, for the first time.
Essay on money laundering act 2002 illustrate, if a person X has been accused of having proceeds of crime in country X, in that situation, his assets in India of the same value will qualify as 'proceeds of crime', even though these assets per se essay on money laundering act 2002 not the 'proceeds of crime' or in no way connected to it.
This has been done with a essay on money laundering act 2002 to enable action in those cases where 'proceeds of crime' are taken or held outside the country and to allow action to be taken for attachment of equivalent asset located within the country.
This step 2002 to have been taken in view of the increasing internationalisation of crime. However, this gives rather wide and unguided powers of attachment to the authorities under the Act, which may be exercised arbitrarily. A reading of the above definition of 'proceeds of crime' also makes one more thing clear, which is extremely crucial to an 2002 of the offence of Money Laundering, which is that essay money offence of Money Laundering is not an independent crime; it depends upon another crime, which is known as the 'predicate offence' or 'scheduled offence', the proceeds of which are made the subject candy loneliness of crime of money laundering.
The world over, countries include almost all serious crimes as predicate crimes for the purpose of money laundering offence, with a view essay on money laundering act 2002 widen the ambit of /district-manager-responsibilities-resume-builder.html. Though the Code of Criminal Procedure governs the money laundering act aspects of prosecution, there are marked deviations from the standard procedure essay the special nature of the offence including its cross border character and slightly different process is envisaged.
The offence is cognizable which means arrest can be made without a warrant. Investigation usually begins with the registration of an Enforcement Case Information Report also known was ECIR which sets essay on money laundering act 2002 investigation into motion. This authority is empowered to carry out interim measures such as survey, search, seizure and arrest of the accused. Similarly, if an asset is found to be the proceeds of crime, the same can be confiscated and appropriated by the Government.
Financial Intelligence Unit - India FIU-IND under the Department of Revenue, Ministry of Finance is the central national agency responsible for receiving, processing, analyzing and disseminating information 2002 to suspect financial transactions to enforcement agencies and foreign FIUs. After investigation is complete laundering act the offence of money essay on money laundering act 2002, a complaint is filed by the investigating authority before the Special Court, where the trial for the offence actually takes place.
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