Anti-Money Laundering & Financial Crimes Archives

Key Provisions of the Prevention of Money Laundering Act, 2002 (PMLA)

Anti-Money Laundering & Financial Crimes

The Prevention of Money Laundering Act (PMLA), 2002 is a crucial legislative framework in India aimed at combating money laundering and preventing the misuse of financial systems for illicit activities. Enacted to curb the generation and circulation of black money, PMLA is instrumental in ensuring financial transparency and regulatory compliance in the economy. The primary […]

Key Provisions of the Prevention of Money Laundering Act, 2002 (PMLA) Read More »

Attachment Of Property Under The Prohibition Of Benami Property Transactions Act, 1988

Anti-Money Laundering & Financial Crimes

The Prohibition of Benami Property Transactions Act, 1988, allows the Initiating Officer, after legal processes and with approval, to temporarily attach properties believed to be benami for up to 90 days. The Act defines the roles of ‘benamidar’ and ‘beneficial owner,’ crucial for identifying transactions aimed at benefiting someone other than the property holder. The Supreme Court provides guidelines to determine if a transaction is benami, emphasizing the intentions behind the purchase money. Provisional attachment is an initial measure in a broader legal procedure towards adjudication.

Attachment Of Property Under The Prohibition Of Benami Property Transactions Act, 1988 Read More »

Validity of Section 45 of the PMLA: Effect of Pendency of SLP in the Supreme Court of India

Anti-Money Laundering & Financial Crimes

In this case of Madanlal Manekchand Jain Vs. State of Gujarat and Ors. [Criminal Misc. Application (For Regular Bail) No. 22552 of 2015], the validity of Section 45 of the PML Act, 2002 was questioned before the High Court of Gujarat. The applicant contended that as a special leave petition is pending before the Supreme

Validity of Section 45 of the PMLA: Effect of Pendency of SLP in the Supreme Court of India Read More »

Significance of Issuing Notice in Benami Property Transactions

Anti-Money Laundering & Financial Crimes

Right to property may not be included in the fundamental rights under the Constitution of India, however, it still remains a valuable constitutional right under Article 300-A of the Constitution of India which provides that no person shall be deprived of his property save by authority of law. Even the Supreme Court of India has

Significance of Issuing Notice in Benami Property Transactions Read More »

Prospective Nature of the Benami Transactions (Prohibition) Act, 1988

Anti-Money Laundering & Financial Crimes

What is Benami and what is the purpose of the Benami Transactions (Prohibitions) Act, 1988? “Benami” is a Hindi word meaning “without name” or “nameless”. Webster’s dictionary defines the term, “Benami” to mean : made, held, done, or transacted in the name of (another person). The Benami Transactions (Prohibitions) Act, 1988 (herein referred to as

Prospective Nature of the Benami Transactions (Prohibition) Act, 1988 Read More »

Anti Money Laundering Legislation in India

Anti-Money Laundering & Financial Crimes

As time passed, people started to get innovative with the techniques they use to launder their money. Such people continuously look for such new routes as and when their old methods become public knowledge and easy for the authorities to track. Also, with the advent of the internet, criminals are now able to store their

Anti Money Laundering Legislation in India Read More »

Balancing Act: PMLA’s Dominance in Bail Matters

Anti-Money Laundering & Financial Crimes

The law is a complex and intricate field, where different statutes often intersect and conflict with each other. One such area of conflict is the bail matters, where the Prevention of Money Laundering Act (PMLA) and the Code of Criminal Procedure (CrPC) have different provisions and implications. The Supreme Court, in the case of Gautam

Balancing Act: PMLA’s Dominance in Bail Matters Read More »

Navigating Plea Bargaining under PMLA: A Complex Terrain

Anti-Money Laundering & Financial Crimes

Plea bargaining arises as a technique that both intrigues and undermines the fundamentals of justice in the maze-like tunnels of criminal law. Under the broad protection of the Prevention of Money Laundering Act (PMLA), the plea bargaining process reveals a complex story that is intricately entwined with both legal complexities and the socioeconomic fabric of

Navigating Plea Bargaining under PMLA: A Complex Terrain Read More »

Unveiling the Complex Web of Predicate Offences under PMLA: A Comprehensive Exploration

Anti-Money Laundering & Financial Crimes

Within the intricate labyrinth of legal frameworks, the concept of predicate offences, often interchangeably referred to as schedule offences, under the Prevention of Money Laundering Act (PMLA) assumes a position of utmost significance. This legal tapestry is designed with the intention of encompassing various forms of wealth earned through illicit means, thereby ensuring that illegal

Unveiling the Complex Web of Predicate Offences under PMLA: A Comprehensive Exploration Read More »

Navigating the Terrain of Property Attachment under PMLA: A Comprehensive Insight

Anti-Money Laundering & Financial Crimes

In the realm of money laundering prevention, the concept of property attachment assumes a paramount role. Central to this process is the understanding of “proceeds of crime,” a term that carries significant weight within the framework of the Prevention of Money Laundering Act (PMLA). This article delves into the intricate layers of property attachment, elucidating

Navigating the Terrain of Property Attachment under PMLA: A Comprehensive Insight Read More »