The prevention of money laundering in India

Abstract

Outlines legislation in a country which was one of the first in the world to introduce anti‐money laundering legislation, a wartime measure in 1939, with later foreign exchange control laws up to 1973; more recent laws include the Foreign Exchange Management Act 1999 and the Prevention of Money Laundering Act 2002. Summarises the provision of these two laws as they cover the offence of money laundering and its punishment; attachment, adjudication and confiscation; composition and powers of the adjudicating authorities; obligations of financial institutions and intermediaries, powers of summons and survey, search and seizure, the appellate tribunal, special courts, officers to assist in inquiry, and mutual assistance between India and other countries over information exchange, investigation, confiscation of illegally acquired property etc.

Citation

Kumar, B.V. (2003), "The prevention of money laundering in India", Journal of Money Laundering Control, Vol. 7 No. 2, pp. 158-169. https://doi.org/10.1108/13685200410809878