If you are a UPSC aspirant and if you are getting worried about the UPSC notes on the current topics, you need to release all your stress because here are the details about the PMLA act UPSC. You can find more topics on the website. Let’s dive deep into this amazingly informative article to crack the UPSC exam.
What is Money Laundering?
It is important for you to understand the meaning of money laundering before getting into the PMLA act UPSC. So, money laundering is the method of creating large amounts of cash generated by criminal activity, like drug traffic or terrorist funding, which seem to have come from a legitimate supply.
Criminal activities like prohibited arms sales, smuggling, narcotraffic and prostitution rings, trading, bribery, and computer fraud schemes turn out massive profits. Thereby it creates the inducement for cash launderers to “legitimize” the illegal gains through concealment.
The money generated is named ‘dirty money’ and concealment is the method of conversion of ‘dirty money’, to create it seem like ‘legitimate’ cash.
Prevention of Money Laundering Act
If you have clearly understood the concept of money laundering, you need to prepare some notes on the PMLA act UPSC for your paper. You should first acknowledge the reason for this act to be in recent news. In a recent hearing, the Supreme Court of India upheld the constitutional validity of the bar of money laundering Act, 2002. The court underlined that the principle of innocence of the accused/offender is thought to be somebody’s right but that presumption will be interdicted by a law created by the Parliament/Legislature.
The frequency and timings of those raids and arrests have raised issues over the independence of PMLA and its agency, the social control directorate (ED). consistent with Some activists, PMLA and ed are used to attack opposition camps with political embarrassment.
This is crucial for every candidate for civil services because this is a matter for the entire nation and you need to be equipped with knowledge about the nation and all current affairs.
PMLA Act – UPSC Notes
In 2002, the Prevention of Money Laundering Act, PMLA was enacted. You must note that it came into force in 2005. The chief objective of this legislation is to fight concealment, that is, the method of changing black cash into white.
The Act allows government authorities to confiscate property and/or assets earned from prohibited sources and through money laundering. The PLMA has been amended 3 times, that is, in 2009, 2009, and 2012.
Under the PMLA, the burden of proof lies with the suspect, who should prove that the suspect property/assets haven’t been obtained through takings of crime. varied actions will be initiated against persons found to be guilty of cash laundering.
This includes freezing or seizing of property and records, and/or attachment of property obtained through crime takings. money laundering is punishable with the subsequent points. Rigorous imprisonment for a minimum of three years and a maximum of seven years. If the crime of money laundering is involved under the Narcotic drugs and psychotropic Substances Act, 1985, the penalty will go up to ten years, together with a fine.
The enforcement directorate (ED) is to blame for investigation offences below the PMLA. Also, the money Intelligence Unit – India (FIU-IND) is the national agency that receives, processes, analyses, and disseminates data associated with suspect money transactions. If you are willing to crack your paper in this attempt, you need to make precise notes on this topic and revise it late for the examination. You can achieve your goals with the right preparation.
Hopefully, this article has given you the most potential information regarding this essential topic. The UPSC exam preparation requires a high level of dedication, perseverance, and hard work.
All the aspirants put their efforts and energy into making notes and preparing for the exam so that they can crack the paper and achieve their goals. If you are doing UPSC exam preparation and are stuck on some topics or need guidance from professionals to work on the important topics, you can visit the UPSC Pathshala website.
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