Prevention of Money Laundering Act (PMLA) and Proceeds of Crime

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Description
An Exhaustive Commentary on the Prevention of Money Laundering Act
The Prevention of Money Laundering Act, 2002 ("PMLA"), a law designed to address the serious threat of money laundering, has had a fundamental impact on the way law enforcement agencies tackle the problems associated with and arising as a consequence of proceeds of crime. It is a modern forfeiture law that has become a vital tool in the fight against economic offences which envisages proceedings for identification, attachment, and disgorgement of illegal profits from criminals so as to deprive criminal organizations of their funding. Its primary goal is to prevent money laundering and prosecute those responsible, while also ensuring that the rights of individuals who are subject to the PMLA are protected by guaranteeing a fair procedure. Since the time of its enactment, the landscape of laws concerning money laundering has changed dramatically by various amendments as well as by a litany of judgments on the subject. The amendments, aimed at enhancing the enforcement mechanisms of the PMLA and closing its numerous loopholes, necessitated immediate examination and analysis, as did the judgment gment of a three-judge bench of the Supreme Court in Vijay Madanlal Chowdhury v. Union of India, which inter alia upheld various contested provisions of the PMLA, on the ground that all the provisions have a reasonable nexus with the objects sought to be achieved i.e., preventing money- laundering effectively. The first edition of this book was envisaged to be a comprehensive manual for comprehending and interpreting the PMLA with depth and significance. It further traced the legislative history of each section, while providing our comments, suggestions and criticisms of the provisions of the PMLA and the major judicial pronouncements on the subject. The present edition builds upon the groundwork laid by the first edition and provides a comprehensive overview of these legislative and judicial developments. In this edition, we have made a concerted effort to comprehensively address all pertinent orders and judgements issued by the Adjudicating Authority, Appellate Tribunal, High Courts, the Supreme Court of India, as well as courts in the United Kingdom.
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 Table of Contents
Chapter 1. Preliminary
Chapter 2. Offence of Money-Laundering
Chapter 3. Attachment, Adjudication and Confiscation
Chapter 4. Obligations of Banking Companies, Financial Institutions and Intermediaries
Chapter 5. Summons, Searches and Seizure,etc
Chapter 6. Appelate Tribunal
Chapter 7. Special Courts
Chapter 8. Authorities
Chapter 9. Reciprocal Arrangement for Assistance in Certain matters and Procedure for attachment and Confiscation of Property
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Author Details
Foreword by : Justice Surya Kant