Sunday, 6 April 2014

Black Money and Money Laundering


Black Money

Money earned through illegal activity and, as such, is not taxed.

Money Laundering

The process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.

Prevention of Money Laundering Act- 2002 (PMLA)

Prevention of Money Laundering Act, passed in 2002 is to prevent money laundering and to provide for confiscation of property derived from money laundering.

Director, Financial Intelligence Unit, under Ministry of Finance have been conferred with exclusive and concurrent powers under relevant sanctions of the Act.

 

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