THE PREVENTION OF Money Laundering Act, 2002 (PMLA) is by far the most far-reaching and feared law dealing with financial proceeds associated with a crime. Ever since its promulgation in 2002, the authorities have sought to invoke PMLA time and again, and so the provisions have come up for interpretation before various courts, including the Supreme Court of India (SC). The PMLA has undergone several amendments to broaden its scope and to address some of the issues arising from court judgements. The power of arrest on a nonbailable basis makes the law a potent weapon in the hands of authorities.
A recent SC judgement in the case of Vijay Madanlal Choudhary & Others vs. Union of India is a far-reaching one as it deals with the constitutional validity of the Act and its amendments. The judgement deals with a wide range of issues and has invoked sharp reactions from the legal fraternity.
It is not possible for a column to deal with the ramifications of the entirety of the judgement. What I am setting out are some of the important implications that will have a day-to-day relevance to the readers. Also, it is important to note that this judgement does not deal with facts of any specific case but concerns itself with the constitutional validity of the provisions of PMLA and overall interpretation of many of the sections.
Money laundering
Bu hikaye Business Today India dergisinin September 04, 2022 sayısından alınmıştır.
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Bu hikaye Business Today India dergisinin September 04, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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