Understanding the Prevention of Money Laundering Act (PMLA) in India
| Aspect | Details |
|---|---|
| Topic | Prevention of Money Laundering Act (PMLA) in India |
| Enactment | PMLA was enacted in 2002 |
| Objective | To curb money laundering and related offenses through stringent regulations |
| Key Provisions | - Identification and Reporting by financial institutions |
| - Asset Forfeiture to seize illicit assets | |
| - Penalties and Prosecution including imprisonment and fines | |
| Enforcement Authorities | - Enforcement Directorate (ED): Investigates money laundering offenses |
| - Financial Intelligence Unit (FIU): Analyzes and disseminates financial intelligence | |
| Challenges | Technological advancements and the need for global cooperation |
| Global Perspective | Aligns with international standards and obligations for combating money laundering |