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Money Laundering Money Laundering

Bronze medal Reporter Adv.Sanu Mathew Posted 3 Oct 2019 Read More News and Blogs
Money Laundering


Money laundering is the unlawful process to hide the cradle money earned by illegally through bank transactions and other sources such as drug trafficking or terrorist funding etc. It simply says it is a fraud practice dealing in large amounts of illegal cash is an inefficient and dangerous manner. Money laundering itself is a crime the criminals to enjoy the profits through money laundering without jeopardizing their source. Money is the main attraction to so many engage or practices this kind of illegal process.

Most disturbing of all, money-laundering fuels corruption and arranged crime. Corrupt public officers have to be compelled to be ready to launder bribes, kickbacks, public funds and, once in a while, even development loans from international monetary establishments. Organized criminal teams have to be compelled to be ready to launder the payoff of drug traffic and artifact importation. Terrorist groups use money-laundering channels to urge money to buy arms. The social consequence of permitting these groups to launder money is fateful. Taking the payoff of crimes from corrupt public officers, traffickers, and organized crime groups is one in all the simplest ways to prevent criminals in their tracks.

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In a recently decided case, P. CHIDAMBARAM  VERSUS DIRECTORATE OF ENFORCEMENT  SC observed that; it is realized the world around that money laundering poses a serious threat not only to the financial systems of the countries but also to their integrity and sovereignty. The Prevention of Money-laundering Act, 2002 was enacted in pursuance of the Political Declaration adopted by the Special Session of the United Nations General Assembly held on June 1998, calling upon the Member States to adopt national money-laundering 16 legislation and programme, primarily with a view to meet out the serious threat posed by money laundering to the financial system of the countries and to their integrity and sovereignty. Statement of Objects and Reasons to the Prevention of Money-laundering Act, 2002 recognizes that money laundering poses a serious threat not only to the financial systems of the countries but also to their integrity and sovereignty. The Preamble to the Prevention of Money-Laundering Act, 2002 states that “An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto.” As a result, the appeal is dismissed. It is for the appellant to work out his remedy in accordance with the law. In the above case, the criminal lawyers in India follow the judgment.

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In recent years, the international community has become a lot of attentive to the risks that money-laundering poses altogether areas and plenty of Governments and jurisdictions have committed themselves to take action. The criminal square measure currently taking advantage of the economic process of the global economy by transferring funds quickly across international borders.

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