What is Prevention of Money Laundering Act, 2002?

The Prevention of Money Laundering Act (PMLA), 2002 was enacted in January 2003 to prevent money laundering and to provide for confiscation of property derived from money laundering. The main objectives of the act are :

  • To prevent and control money laundering
  • To confiscate and seize the property obtained from the laundered money; and
  • To deal with any other issue connected with money laundering in India.
  • The Act also proposes punishment under sec.4.

Further Reading:

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