{"id":12921,"date":"2025-10-27T12:12:24","date_gmt":"2025-10-27T06:42:24","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=12921"},"modified":"2025-10-28T14:51:03","modified_gmt":"2025-10-28T09:21:03","slug":"what-is-the-prevention-of-money-laundering-act-pmla","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-the-prevention-of-money-laundering-act-pmla\/","title":{"rendered":"Prevention of Money Laundering Act"},"content":{"rendered":"<h2>Prevention of Money Laundering Act (PMLA) Latest News<\/h2>\n<p>The Enforcement Directorate (ED) has significantly intensified actions under the PMLA since 2014, reflecting a heightened institutional response to economic offences in India.<\/p>\n<h2>About the Prevention of Money Laundering Act (PMLA), 2002<\/h2>\n<ul>\n<li>The\u00a0<strong>Prevention of Money Laundering Act (PMLA), 2002<\/strong>\u00a0was enacted in\u00a0<strong>January 2003<\/strong>\u00a0to combat\u00a0<strong>money laundering<\/strong>\u00a0and confiscate\u00a0<strong>proceeds of crime<\/strong>.<\/li>\n<li><strong>Section 3<\/strong>\u00a0defines money laundering as any attempt to\u00a0<strong>project criminal proceeds as untainted assets<\/strong>.<\/li>\n<li>The\u00a0<strong>main objectives<\/strong>\u00a0of the Act are:\n<ul>\n<li>To\u00a0<strong>prevent and control money laundering<\/strong>,<\/li>\n<li>To\u00a0<strong>attach and confiscate assets<\/strong>\u00a0derived from crime,<\/li>\n<li>To\u00a0<strong>address related economic offences<\/strong>\u00a0in India.<\/li>\n<\/ul>\n<\/li>\n<li>PMLA has undergone major amendments in\u00a0<strong>2009<\/strong>\u00a0and\u00a0<strong>2012<\/strong>\u00a0to expand its scope and enforcement powers.<\/li>\n<li><strong>As of 2024-25<\/strong>, the ED has\u00a0<strong>initiated 775 new investigations<\/strong>\u00a0under the PMLA and\u00a0<strong>filed 333 prosecution complaints<\/strong>, demonstrating increased legal action against money laundering.<\/li>\n<\/ul>\n<h2>Enforcement Directorate (ED) Role<\/h2>\n<ul>\n<li><strong>ED is the chief enforcement agency<\/strong>\u00a0under PMLA, empowered to\u00a0<strong>investigate, attach property<\/strong>, and\u00a0<strong>file prosecution complaints<\/strong>.<\/li>\n<li>The Act mandates\u00a0<strong>record maintenance and client identity verification<\/strong>\u00a0by\u00a0<strong>banks, financial institutions, and intermediaries<\/strong>.<\/li>\n<li>Key institutions include:\n<ul>\n<li><strong>Adjudicating Authority<\/strong>\u00a0(for attachment confirmation),<\/li>\n<li><strong>Appellate Tribunal<\/strong>, and<\/li>\n<li><strong>Special Courts<\/strong>\u00a0(designated sessions courts for PMLA trials).<\/li>\n<\/ul>\n<\/li>\n<li>The\u00a0<strong>Act allows international cooperation<\/strong>\u00a0through treaties and MoUs with foreign governments.<\/li>\n<\/ul>\n<h3>Focus Areas for 2025<\/h3>\n<ul>\n<li><strong>Foreign Exchange Management Act (FEMA)<\/strong>\u00a0cases are a\u00a0<strong>key enforcement priority<\/strong>\u00a0this year.<\/li>\n<li>Under the\u00a0<strong>Fugitive Economic Offenders Act, 2018<\/strong>, applications were filed against\u00a0<strong>24 individuals<\/strong>, and\u00a0<strong>14<\/strong>\u00a0have been declared\u00a0<strong>fugitive economic offenders<\/strong>.\n<ul>\n<li><strong>Over \u20b9900 crore worth of assets<\/strong>\u00a0have been\u00a0<strong>confiscated<\/strong>\u00a0so far.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.thehindu.com\/news\/national\/over-1700-money-laundering-cases-in-trial-stage-ed-director\/article69513143.ece\" target=\"_blank\" rel=\"nofollow noopener\">TH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Prevention of Money Laundering Act (PMLA), 2002 was enacted in January 2003 to combat money laundering and confiscate proceeds of crime.<\/p>\n","protected":false},"author":5,"featured_media":46109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[21,261,23],"class_list":{"0":"post-12921","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-prelims-pointers","9":"tag-prevention-of-money-laundering-act","10":"tag-upsc-prelims-current-affairs","11":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/12921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=12921"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/12921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/46109"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=12921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=12921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=12921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}