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Prevention of Money Laundering Act 2002 Recently, the Supreme Court denied a political leader's request to vacate his arrest by the Enforcement Directorate (ED) on money laundering accusations. What is money laundering? Money laundering is the process of making significant sums of money obtained through criminal activities, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. Large gains are made by illegal arms sales, smuggling, drug trafficking and prostitution gangs, insider trading, bribery, and computer fraud schemes. As a result, money launderers have an incentive to "legitimise" their ill-gotten gains through money laundering. The…
22 October, 2022
Money laundering
Enforcement Directorate What is an Enforcement Directorate (ED)? Enforcement Directorate (ED) is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance. On 1st May 1956, an ‘Enforcement Unit was formed in the Department of Economic Affairs for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947. In 1957, it was renamed as ‘Enforcement Directorate. ED enforces the following laws: Foreign Exchange Management Act (FEMA), 1999. Prevention of Money Laundering Act (PMLA), 2002. The Headquarters of Enforcement Directorate (ED) is situated in New Delhi and is headed by the Director of Enforcement. The director is appointed by the Appointments Committee of the Cabinet…
09 September, 2021
Money laundering
Money Laundering What is Money Laundering? Money Laundering refers to converting illegal earned money into legitimate money. The government does not get any tax on the money because there is no accounting of the black money. So Money Laundering is a way to hide the illegally acquired money. The term "money laundering" originated from the Mafia group in the United States of America. Mafia groups have made huge amounts of extortion, gambling, etc. and this money is shown as legal money. In India, "money laundering" is popularly known as Hawala transactions. According to the IMF, global Money Laundering is estimated…
24 June, 2021
Money laundering
Money Laundering What is Money Laundering? Money Laundering refers to converting illegal earned money into legitimate money. The government does not get any tax on the money because there is no accounting of the black money. So Money Laundering is a way to hide illegally acquired money. The term "money laundering" originated from the Mafia group in the United States of America. Mafia groups have made huge amounts of extortion, gambling, etc. and this money is shown as legal money. In India, "money laundering" is popularly known as Hawala transactions. According to the IMF, global Money Laundering is estimated…
12 May, 2021
Money laundering
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