What is PMLA? | Prevention of Money Laundering Act-2002 | Grey List | Black List | FATF
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The prevention of the money laundering act 2002 in English has been explained in this video.
The Prevention of Money Laundering Act (PMLA) is a legislation in India enacted in 2002 to prevent money laundering and provide for confiscation of property derived from, or involved in, money laundering.
The PMLA defines money laundering as any act of disguising the proceeds of criminal activity as legitimate funds.
A "grey list" is a list of countries or jurisdictions that have deficiencies in their anti-money laundering and counter-terrorist financing regimes and face increased monitoring by international financial organizations such as the Financial Action Task Force (FATF).
A "black list" refers to a list of countries or jurisdictions that are deemed to have failed to address deficiencies in their anti-money laundering and counter-terrorist financing regimes, and face severe financial sanctions.
The Financial Action Task Force (FATF) is an inter-governmental organization founded in 1989 to develop and promote policies to combat money laundering and terrorist financing.
The FATF issues recommendations and assessments of countries' anti-money laundering and counter-terrorist financing regimes and provides technical assistance to help countries improve their systems.
The PMLA applies to all financial institutions and intermediaries such as banks, financial institutions, intermediaries, and casinos. The Act requires these entities to maintain records of transactions, report suspicious transactions, and verify the identity of their clients.
The PMLA defines money laundering as the process of converting illegally obtained proceeds into legitimate funds by disguising their illicit origin.
This topic will be helpful for the IPO Exam and PS Group B Exam as well.
The Act provides for the attachment and confiscation of property involved in money laundering and establishes the framework for criminal investigations and prosecutions of money laundering offenses.
The PMLA is administered by the Director of Enforcement, who is responsible for investigating cases of money laundering, and the Special Courts, which are empowered to try cases under the PMLA. The Act provides for punishment of up to 7 years of imprisonment and a fine for money laundering offenses.
In summary, the PMLA is an important tool in the fight against money laundering and the financing of terrorism and helps to ensure the integrity of the financial system in India.
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