INDIAN VIEW OF THE LAWS ON MONEY LAUNDERING

Dr. Kinnaben Tribhovandas Chadokia

Abstract


According to the definition of "money laundering," it involves a technique that conceals the true owners of illegally obtained funds. When criminals attempt to disguise the genuine source and ownership of their unlawful earnings, they use money laundering. This permits them to maintain control over the revenues and to provide a legitimate cover for their source of cash if they are successful in their endeavours. A single procedure of laundry can be broken down into three phases: the placement stage, layering stage and integration phase. In spite of India's tight foreign exchange restrictions, which make it tough for criminals to launder money, the country's expanding financial strength leaves it vulnerable. Bureau for International Narcotics and Law Enforcement Affairs In order to prevent money laundering, this law went into effect on July 1st, 2005. Since 2005, 2009, and most recently, 2011, the Act has been revised to make it more comprehensive. Many anti-money laundering methods exist in India, although they're not without flaws or issues.

Keywords


Money laundering, Law, Criminal

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References


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