Anti- money laundering laws in India

Govt. Agencies and Taxation | Comments (0)


Anti money laundering or AML is defined as a set of regulations, laws or procedures specifically designed to prevent the activity of generating money via illegitimate ways and methods. In majority of cases, money launderers hide their methods and actions by following a series of steps which pretends the other person to consider it a legal way of making money. 

Anti money laundering laws in India- key amendments and changes

Governed by the Parliament of India, Prevention of Money Laundering Act 2002 prevents money laundering and confiscates the property, asset or money obtained from money laundering. The lower house of Parliament passed the Prevention of Money Laundering Act on 27th November, 2002. Initially the act was first introduced in the year 1998. In August 2002, the upper house of Parliament amended the bill in order to include provisions pertaining to terrorist financing. 

Legislations under the Indian law for the prevention of Money laundering activities

Apart from Prevention of Money Laundering Act 2002, the following are few acts that prevent the activities of money laundering. They are as follows:
  1. The Income Tax Act, 1961
  2. The Indian Penal Code and Code of Criminal Procedure, 1973 
  3. The Benami Transactions (Prohibition) Act, 1988 
  4. The Narcotic Drugs and Psychotropic Substances Act, 1985 
  5. The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 

Redressal mechanism

Since money laundering is considered as a criminal offence in the eyes of Indian Law, it becomes essential to report it as soon as it gets noticed. It is advised to seek a corporate lawyer or a legal help/advice in order to report the case of money laundering. With PAN India presence, one can easily seek assistance in Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Pune, Goa, Kolkata, Ahmedabad, Gurgaon, Noida and other places. 


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