PMLA
Prevention of Money Laundering
Act, 2002
Submitted to
Prof. Shiv Nath Sinha
Legal Aspects of Business
IIM Indore
By
Vishal Laxman Bansod
2012PGP441
Section E
IIM INDORE
Contents
Introduction .......................................................................................................................................................... 4
Money laundering as a process ........................................................................................................................ 5
Prevention of Money laundering Act, 2002 (PMLA) ............................................................................................. 5
Genesis .............................................................................................................................................................. 6
Statutory Framework ........................................................................................................................................ 6
Provisions .............................................................................................................................................................. 7
Section 3, defines the offence of money laundering .................................................................................... 7
Section 4 explains the Punishment for money laundering ........................................................................... 7
Section 5. Attachment of property involved in money-laundering .............................................................. 7
Adjudicating authorities, composition, powers, etc. .................................................................................... 8
Adjudication .................................................................................................................................................. 8
Vesting of property in Central Government
Act, 2002
Submitted to
Prof. Shiv Nath Sinha
Legal Aspects of Business
IIM Indore
By
Vishal Laxman Bansod
2012PGP441
Section E
IIM INDORE
Contents
Introduction .......................................................................................................................................................... 4
Money laundering as a process ........................................................................................................................ 5
Prevention of Money laundering Act, 2002 (PMLA) ............................................................................................. 5
Genesis .............................................................................................................................................................. 6
Statutory Framework ........................................................................................................................................ 6
Provisions .............................................................................................................................................................. 7
Section 3, defines the offence of money laundering .................................................................................... 7
Section 4 explains the Punishment for money laundering ........................................................................... 7
Section 5. Attachment of property involved in money-laundering .............................................................. 7
Adjudicating authorities, composition, powers, etc. .................................................................................... 8
Adjudication .................................................................................................................................................. 8
Vesting of property in Central Government
Bibliography: 9. http://www.hmrc.gov.uk/mlr/getstarted/intro.htm Bare act Prevention of Money Laundering Act, 2002. PARAGRAPH 2 OFFENCES UNDER THE NARCOTIC DRUGS AND PSYCHOTROPIC SUBSTANCES ACT, 1985 External dealings in narcotic drugs and psychotropic sub-stances in contravention of section 12 of the Narcotic Drugs and Psychotropic Substances Act, 1985. Contravention of orders made under section 9A of ^he Narcotic Drugs and Psychotropic Substances Act, 1985.