Dhananjay Choudhary Koda Associates Know Anti-Money Laundering Laws in India – Illegal & Fraud Cases Expert Dhananjay Choudhary

Know Anti-Money Laundering Laws in India – Illegal & Fraud Cases Expert Dhananjay Choudhary

The act of cleaning dirty, funds is Money laundering. It is the art of concealing or disguising illicit funds to become legit. This act is carried out all over the world to conceal funds associated with terrorism, arms dealing, drug trafficking and extortion. Anti-Money Laundering Laws are made to deal with such cases and to avoid the unlikely. These laws are well known by best attorneys such as Dhananjay Choudhary Fraud and Illegal Process Expert, who is a Delhi based attorney and excellent in dealing with litigation, Process outsourcing, copyrights, and money laundering issues. The pricing is affordable without any compromise in the work quality through his law firm, Koda Associates. He has sound knowledge of IT tools and their handling techniques. He has expertise in the field of Fraudulence and Laundering of money.

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Some Anti-Money Laundering Laws in India are:

Article 1 of EC Directive- Prevention of the utilization of the Financial System for any Money Laundering purpose, 1991

This defines money laundering as property conversion that is derived from severe crime, for disguising or concealing the property of the illicit source. It also includes helping any individual involved in a likewise offense to escape the legal outcome. It incorporates the disguise of the true source, nature, disposition, location, rights, movement, property ownership, knowing that property is procured from crime.

FATF-The Financial Action Task Force on Money Laundering

It was established in 1989 in Paris by the G-7 Summit. It is an intergovernmental body. It is set up to establish global standards on combating money laundering and terrorism financing. The process of criminal proceeds to conceal the source of illegality and to legalize the crime profits is money laundering according to FATF.

India deals in countering terrorism financing and anti-money laundering with UN conventions. India has penalized money laundering under

  • NDPS Act -The Narcotic Drugs and Psychotropic Substances Act of 1985, amended in 2001.
  • PMLA -The Prevention of Money Laundering Act of 2002- amended in 2005 & 2009

Before the enactment of the above Acts, various statutes addressed money laundering such as:

  • The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act of 1974
  • The Income Tax Act of 1961
  • The Indian Penal Code and Code of Criminal Procedure of 1973
  • The Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act of 1988.
  • The Benami Transactions (Prohibition) Act of 1988

The Prevention of Money Laundering Act of 2002 was amended to the Prevention of Money Laundering (Amendment) Bill of 2011 by Mr. Pranab Mukherjee, then Minister of Finance. This Bill introduces a corresponding law that connects Indian law to Foreign nation laws. The offense includes actions of acquisition, concealment, usage, and possession of crime.

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