Prevention of Money Laundering Act, 2002 PMLA- ED- FEMA- FERA

Directorate of Enforcement (ED) is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, Government of India, which enforces the following laws: –

Foreign Exchange Management Act,1999 (FEMA) – A Law, with officers empowered to conduct investigations into suspected contraventions of the Foreign Exchange Laws and Regulations (FERA) on those adjudged to have contravened the law.

Prevention of Money Laundering Act, 2002 (PMLA) – Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005.

The PMLA seeks to combat money laundering in India and has three main objectives:
  • To prevent and control money laundering
  • To confiscate and seize the property obtained from the laundered money
  • To deal with any other issue connected with money laundering in India./li>
  • Attachment: Prohibition of transfer, conversion, disposition or movement of property by an appropriate legal order.
  • Proceeds of crime: Any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence.
  • Money-laundering: Whosoever directly or indirectly attempts to indulge or assist other person or actually involved in any activity connected with the proceeds of crime and projecting it as untainted property.

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