Know About Prevention Money Laundering Act PMLA Petition Filed Against In Supreme Court
PMLA News : The Supreme Court of the country has...
PMLA News : The Supreme Court of the country has given an important decision regarding the Prevention of Money Laundering Act. The Supreme Court justified the powers granted to the Enforcement Directorate under the PMLA. The top court, in its judgment, said that the changes made in the PMLA Act are justified and the ED’s power to make arrests is also right.
242 petitions were filed in the Supreme Court challenging the constitutionality of several provisions of this Act. On which the Supreme Court has now given its decision. The apex court in its judgment upheld the stringent provisions of PMLA such as search and confiscation of property created out of an offense under the PMLA Act, the power to arrest the accused. Let us understand in simple language what is the Prevention of Money Laundering Act? Against which so many petitions have been filed in the Supreme Court.
What is Prevention of Money Laundering Act?
The Prevention of Money Laundering Act (PMLA) was passed in the year 2002. After that this act was implemented on 1 July 2005. The main objective of this act is to prevent money laundering. Apart from this, the purpose of this Act is to prevent the use of black money in economic offences, confiscation of property involved in or obtained from money laundering and other offenses related to money laundering. Explain that the responsibility of investigation of offenses under this Act rests with the Enforcement Directorate.
What is money laundering?
Simply put, money laundering means converting money earned through illegal means into money earned by legal means, money laundering is a way to hide money earned illegally. The person who launders this type of illegal money is called a launderer.
Penalty provision under PMLA
There is a provision to take strict action against criminals found guilty of money laundering. Under this, the property acquired through crime is confiscated. Under this, there is a provision of rigorous imprisonment of not less than 3 years, which can also be extended to 7 years. At the same time, if along with this offenses related to Narcotic Drugs and Psychotropic Substances Act, 1985 are also involved, then the punishment can be up to 10 years with fine.
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