Money laundering_Main.ppt

. . Money. Laundering Law in India. An Overview. .

. . Legitimate ways of earning money. Working as an employee for organization.

. . Illegitimately acquired money through unlawful means.

. . Money laundering in simple terms. Acquiring or earning money through illegal and unlawful means and by going against the governmental laws is called Money Laundering..

. . Prevention of Money Laundering Act. 2002. PMLA or Prevention of Money Laundering Act 2002 is an act of the Indian Constitution which prevents laundering of money through unlawful means and confiscation of property acquired through such money..

. . Provisions of PMLA 2002. 1. Attachment of property under PMLA.

. . Attachment of property under PMLA. PMLA Section 2(v) defines property as any property or assets corporeal or.

. . oo. Bail Under PMLA. An offence under PMLA shall be cognizable and non-bailable. A cognizable offence means an offence in which a police officer has the authority to make an arrest without a warrant and to start an investigation with or without the permission of a court. Section 45.

. . Section 21. . Any records have been seized under section 17 or section 18 or frozen under sub-section (1A) of section 17, records will be retained in writing, that such records are required to be retained for the purposes of adjudication under section 8..

. . Section 16, 17,. Summon, Survey, Search. • An officer under PMLA has the power to enter and survey a property or premises if such officer believes that it will help verify proceeds of a crime..

Offense of cross border implications • Part C of the Schedule is applicable to proceeds of crime with cross border implications. • Section 51 of the Black Money Act has also been included in the list of scheduled offences under PMLA, and accordingly, PMLA may be applicable to such offences. • The UN Security Council Resolution 1373 obliges countries to freeze the funds or other assets of persons related to proceeds of crime. Part C, Sec 51 (black money act).

. . Presumptions & Onus of proof. . • Person accused of an offence under the section shall discharge the onus of proof (Section 24) by disclosing the sources of his income, earnings or assets, and have to proof that the property does not constitute proceeds of crime..

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