Anti Money Laundering Act India

Process of criminal trial in india click here to know introduction.

Anti money laundering act india. Pmla and the rules notified there under came into force with effect from july 1 2005. Anti money laundering measures in india anti money laundering act 2002 was passed by indian parliament in the year 2002 and became effective from 1st july 2005. Anti money laundering laws and regulations 2020. What is money laundering act pmla.

The act specifies statutory duties for banking companies financial institutions and intermediaries. Income tax department tax laws rules acts prevention of money laundering act 2002 income tax department all acts prevention of money laundering act 2002 choose acts. The prevention of money laundering act 2002 pmla. 0 0 6 6 3 6 6 3 9 2.

The prevention of money laundering act 2002 or the pmla is an act of the parliament of india enacted to prevent money laundering and to provide for confiscation of property derived from money laundering. Ministry of finance government of india. Iclg anti money laundering laws and regulations covers issues including criminal enforcement regulatory and administrative enforcement and requirements for financial institutions and other designated businesses in 26 jurisdictions. India s money laundering act also known as the prevention of money laundering act pmla was framed and enacted in january 2003.

Indian anti money laundering laws. When the laundered money becomes part of the formal economy mainly through the banking system the process is known as integration.