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Money laundering is most often an illegal practice in almost every country whether the country is developed or which is still developing. Earning money illegally, but turning it to be looks like legal is the most common trick that everyone uses while laundering money. Money laundering can be a great threat to countries economic development. Money laundering can include a wide range of actions bank frauds, misuse of countries’ funds, and earning through any illegal means. To curb this illegal practice government of India enacted the Prevention of Money Laundering Act (PMLA) in the year 2002. In this article, the author has analyzed an in-depth view of certain provisions of the PMLA that include, meaning, punishments, the burden of proof, arrest, and bail under the PMLA. The article also covers certain nuances that are found in the provisions of PMLA with court interpretations in this regard. The article covers the evaluation, recent changes, and foreign laws concerned with PMLA. Finally, concluded with a critical analysis and certain recommendations for the development and proper application of PMLA in India.
- et al. (Mon,) studied this question.