Prevention of Money Laundering Act (PMLA): Concerns and Key Imperatives
The Prevention of Money Laundering Act (PMLA) is a legislation passed by the Parliament of India with the objective of preventing money laundering and facilitating the seizure of assets obtained through money laundering activities.
Key Provisions of PMLA
- Offenses and Consequences (Section 3): The PMLA clearly outlines money laundering offenses and enforces penalties, including rigorous imprisonment and fines, for those found guilty of such activities.
- Attachment and Forfeiture of Assets (Section 5): This legislation empowers the attachment and confiscation of assets linked to money laundering. Additionally, it establishes an Adjudicating Authority responsible for overseeing these processes.
- Reporting Obligations (Section 12): Under PMLA, ....
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