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CUSTOMER EDUCATION UPDATES
ANTI-MONEY LAUNDERING (AML)
MONEY LAUNDERING:
Money Laundering refers to the process by which money obtained from criminal activities are made to appear to have come from legitimate sources. It is the act by which criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities, thereby avoiding prosecution, conviction and confiscation of the criminal funds. The term Money Laundering is also used when the funds are used for terrorist financing, though the origin of the funds may be legitimate.
HOW IS MONEY LAUNDERING DEFINED UNDER PMLA 2002?
Section 3 of the Prevention of Money Laundering Act (PMLA) 2002 defines the Offence of Money Laundering. as:
  • ” Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of the offence of money laundering.”
  • ” Proceeds of crime” has been defined in Section 2 of the PMLA as the property derived or obtained directly or indirectly by any person, as a result of criminal activity relating to a scheduled offence or the value of such property.”
  • ”Scheduled Offences”, as per section 2 of PMLA, are specified in two parts of the schedule to PMLA. The value involved in offences specified in should be Rs.30 lakhs or more.”
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