Kislay Pandey Corruption Matters Lawyer - PowerPoint PPT Presentation

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Kislay Pandey Corruption Matters Lawyer

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  1. KislayPandey Is Prevention of Money Laundering Possible? What Corruption Matters ? If you want to measure the seriousness of the money laundering offence in India, just have a look on the report of the Government of India, the total amount of black money has been laundered or stacked in the Swiss banks is 1.945 billion Swiss Francs (about INR 9, 295 crores). As per the section 3 of the Prevention of Money Laundering Act, 2002 (PMLA), an anti-money laundering act enabled in 2002 by the Parliament of India, money laundering is termed as whosever directly or indirectly endeavours to indulge or knowledgeably supports or meaningfully is gathering or essentially tangled in any procedure or actively associated with the proceeds of criminality, including its camouflage, ownership, procurement or use and projecting or claiming it as Untainted Property shall be guilty of offence of Money Laundering. In India, it is mostly pronounced as Hawala transactions.

  2. KislayPandey Is Prevention of Money Laundering Possible? What Corruption Matters ? One thing we want to discuss is that prevention of money laundering is possible in a country like India or not. Mr. KislayPandey, an honourable money laundering advocate of the Supreme Court of India says, “Until our lawmakers come up with a solid and apparent instrument, it seems impossible to white wash money laundering. Financial advisors need to come up with a system where it is hard to conduct these type of offences. Furthermore, our law trials should be fast, effective and with zero tolerance against these types of offences. It can be reduced to some level by implementing these measures, but it is impossible to drag it down to zero percent.” Culprits like Ketan Parekh and late HarshadMehhta were sentenced to imprisonment, but the court was failed to recover the huge amount of money they have laundered to foreign banks. It clearly shows our limitations. There should be a solid and quick legal mechanism to recover the amount laundered by offenders.

  3. KislayPandey Is Prevention of Money Laundering Possible? What Corruption Matters ? In the corporate world, black money are generated through many methods like peripheral trade and transferral pricing, Manipulation in the global trends through acting dealers; financial market transactions; misdeed transactions which are unregistered in the account books; knowingly misrepresentation of Books of Accounts; Manipulation of sales transactions and misdeeds in receipt submission; Under-reporting of Production; Manipulation of other Expenses; Manipulations of legal Accounts; Manipulation of Investment; Manipulation of Ultimate Stock and dead stock; Manipulation of Principal Expenditures; Cohort of Black money in Some Defenceless Segments of the Economy, etc. Furthermore, it also depends of the desirability of government administration to prevent these types of crimes and criminals. Money laundering can be severe t any economy if the appropriate control mechanism is not developed. It can create chaos in the economy by disturbing the currency liquidation and by unbalancing supply-demand mechanism of currency.

  4. KislayPandey Is Prevention of Money Laundering Possible? What Corruption Matters ? If you want to measure the seriousness of the money laundering offence in India, just have a look on the report of the Government of India, the total amount of black money has been laundered or stacked in the Swiss banks is 1.945 billion Swiss Francs (about INR 9, 295 crores). As per the section 3 of the Prevention of Money Laundering Act, 2002 (PMLA), an anti-money laundering act enabled in 2002 by the Parliament of India, money laundering is termed as whosever directly or indirectly endeavours to indulge or knowledgeably supports or meaningfully is gathering or essentially tangled in any procedure or actively associated with the proceeds of criminality, including its camouflage, ownership, procurement or use and projecting or claiming it as Untainted Property shall be guilty of offence of Money Laundering. In India, it is mostly pronounced as Hawala transactions.

  5. KislayPandey Is Prevention of Money Laundering Possible? What Corruption Matters ? Money laundering cannot be controlled until we establish a profound mechanism to stop it. According to Mr. KislayPandey, an honourable money laundering advocate of the Supreme Court of India, a transparent and strong legislation and its solid implementation is required to control money laundering.