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Act for the Prevention of Money Laundering Act (PMLA)

The Prevention of Money Laundering Act (PMLA) is a law in India that aims to prevent money laundering. FEMA Consultants provide skilled counsel to ensure PMLA compliance, assisting businesses in avoiding legal issues.<br><br>For more info.: www.femaconsultant.com <br>Call us now: 011 47026276

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Act for the Prevention of Money Laundering Act (PMLA)

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  1. THE ACT FOR THE PREVENTION OF MONEY LAUNDERING (PMLA)

  2. INTRODUCTION TO PMLA Enacted in 2002, the Prevention of Money Laundering Act aims to prevent money laundering and to confiscate property derived from such activities. Key Objective: Strengthen the legal framework to combat money laundering and related crimes.

  3. AUTHORITIES • Directorate of Enforcement (ED): Responsible for the investigation and enforcement of the act. • Financial Intelligence Unit (FIU-IND): Gathers, processes, and analyzes financial information for combating money laundering. ENFORCEMENT POWERS • Includes attachment of property, arrest, and prosecution.

  4. SCOPE AND APPLICATION • Applies to all financial institutions, banks, intermediaries, and other entities. • Defines money laundering as any process or activity connected with the proceeds of crime. OBLIGATION • Reporting of suspicious transactions and maintaining detailed records.

  5. ECONOMIC SIGNIFICANCE • Helps maintain the integrity of financial systems by curbing illegal financial activities. • Ensures compliance with international standards, boosting investor confidence.

  6. CHALLENGES • Issues in implementation due to complex procedures. • Criticisms regarding potential misuse and overreach. FUTURE OUTLOOK • Continuous updates and amendments to enhance effectiveness and alignment with global standards.

  7. THANK YOU www.femaconsultant.com skyquestc@gmail.com 011 47026276

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