Ahmedabad Stock：Money Laundering in India

Money Laundering is a method of leggimizing the iLlegally Earnet Money so as to avoid caught space. VES Three Stages. They Are:

1. Placement-The Person Places A Sum of Money in the Bank in the Form of Cash. ONey Isually Broken in Smaller Amounts and then Placed in Banks.

2. Layering-at this stage the money is transferred into various overalMous Bank Accounts in Countries where Bank Security Codes. Ester in Purchase of value Things like diamonds, ship, etc.

3. Integration-the iLlegal Money Appears Legal and Can Be used by the launderer. ITS Very Difficult to Catch Hold of Money Laundering. One in layering Stage Can Now Be Sold and the Money Haveing ​​Received Appears to have ben acquiredby Legal Means.

In india the prevention of money laundering action, 2002 Came Into force on 1st Jury 2005. Section 3 of Prevention of Money Laundering Act, 2002 Says “Whosoever Directlyor CTLY Attempts to Indulge or Knowingly Assists or Knowly IS A Party or is Actually InvolvedIn Any Process or Activity Connect with The Proceeds of Crime and Projecting It As Untainted Property Shall be guilty of money launderingâ€. It w As aMENDED in 2009. The Act Provides for Rigorous IMPRISONMENT for a Term of Not Less 3 Years andFine. The Banks Are Required to Keep a Record of All the Transactions for 10 Years and Furnish the Information to the Director Appoint by Center with Tims. Under Section 56 of the Act The Center Can Enter into An Agreement with Foreign County for Exchange ofInformation to Prevent Such Act Under The Provisions of this Act or Corresponding Law in Force in that Country.

Constitch Validity of Certain Provisions of the PMLA, 2002

In the case of bAhmedabad Stock. Rama Raju v. Uoi & Org. Ed into the object ofThe Act. The Property in Possession of Any Person Other than the One WHO HAS Been CHARGED with for Committing The OFFENCE Be ALSO Be ATTACHED and Confiscated. With Pect to the Retrovective Penalization The Court Held that the Parliament has the Power to Allow Confiscation of PropertyAcquired by ILlegal Means Prior to the Enactment of This Act. With Respect to the Presumption EnjoINED BY Section 23 of the Prevention of Money Laundering Act, 2002 (PML A, 2002) The Court Held that section 23 ENJOINS A Rule of Evidence and Rebuttable Presumpration ConsideredRedEssential and Integral to Effectuation of Purposes of Act in Legislative Wisdom. Its A Rebuttable and An Irrebuttable Presumption. SIONS WAS UPHELD.

Who Can Appoint Special Public Prosecutor?

Section 46 of the Act Clearly Says that a Central GoverNMENT Can Appoint Special Public Prosecutor for Any Case or Group of Cases. s. UOI & ORS. (2011 (3) GLT (SC) 17, 2011 (4) Scale583) Which is 2G Spectrum Case the Court Had to Deal with the Isue of Appointment of Special Public Prosecutor to ConDuctings F of CBI (Central Breau of Investigation) and ED (Enforcement Directorate).While DEALING With the Matter of Appointment of Special Public Prosecutor Held that Special PROSECUTOR Cannnotor Be Treated Employee AND MAYBE A Lawyer on Government Panel But is independent of Government Control.With section 24 of code of civil process, further it was also said that any object, the appointment of Special PROSECUTOR is to be dead with by the support count.

Who Can Investigate?

As Per Section 44 of PMLA, 2002 The Investigation Under the PML Act Is within the JurisDiction and Domain of the Enforcement Directorate. If the Matter Requires A System A System A System A , Scientific and Analysed Investigation by An Expert Investigating Agency, Like The Central Bureau of Investigation the CentralGovernment Should Exercise The Powers Under Section 45 (1A) of the PMLA, 2002 for Transferring Investigation from the Enforcement Director to the CBI. Supreme Court in the case of binod kumar vs. state of jharkhand and ors. (2011) 3SCC (CRI) 217)

The problem with money laundering is that it involves high class people. The agencies are required to be attentive and cache, offerment stages. OUGH UNDER Sec. 24 Accused Has The Burden to Prove that the Property is Untainted It is Manageable to PROVEInnocence at Integration Stage But Arduous at Placement Stage. In the action s of laundering gets Completed and Becomes very Laborious to Prove the OFFENCE.Decade AGO But Still there have been very few Convictions with Respect to Such ILlegal Activity is action like a termite in our eConomy.

End-notes

# Prevention of Money Laundering Act Sec.4

# Prevention of Money Laundering Act Sec.12Indore Investment

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