INDIA'S PREVENTION OF MONEY LAUNDERING ACT

India’s Prevention of Money Laundering Act, which came into effect in 2005 as the primary anti-money laundering legislation in that country, places certain reporting and monitoring obligations on banking and financial institutions. Critics claim that the law has been ineffective; yet, June 2008 amendments were expected to improve its effectiveness.

The following questions have been addressed in this article:

What was the criticism of the original PMLA?
What additional offenses are within the scope of the amended version of the PMLA?
What bodies are charged with the implementation of the PMLA?

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