The process of converting ill gotten money/proceeds of crime from illegal activities/scheduled offences and projecting it as untained property is the essence of the offence of money laundering. This process is recognised to be accomplished by the offenders in three stages known as placement, layering and integration. Therefore, the money laundering is not an independent crime. This offence depends upon other crimes internationally known as predicate offences and under The Prevention of Money Laundering Act, 2002 given as scheduled offences. Therefore, in India the tainted money ought to have been generated from one or more of the scheduled offences given in the schedules appended to the Act to attract the offence of money laundering as defined in section 3.
Universal's Commentary on Prevention of Money Laundering Act by S. K. Sarvaria
- Publisher: Universal Law Publishing Co.
- Book Code: 9789350354254
- Availability: 30