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2 Jus Corpus L.J. 591 (2021-2022)
Prevention of Money Laundering Act 2002: Its Implications & Challenges in India

handle is hein.journals/juscrp2 and id is 2534 raw text is: Jus Corpus Law Journal Open Access Law Journal - Copyright © 2022 - ISSN 2582-7820 Editor-in-Chief - Prof. (Dr.) Rhishikesh Dave; Publisher - Ayush Pandey This is an Open Access article distributed under the terms of the Creative Commons Attribution- Non-Commercial-Share Alike 4.0 International (CC-BY-NC-SA 4.0) License, which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. Prevention of Money Laundering Act 2002: Its Implications & Challenges in India Snehil Srivastavaa Garvit Ramchandranb aBabu Banarasi Das University, Lucknow, India bBabu Banarasi Das University, Lucknow, India Received 21 January 2022; Accepted 07 February 2022; Published 09 February 2022 Throughout the world, the issue of money laundering has affected not just the financial systems of India and many other countries, and it continues to constitute a severe danger to the integrity and sovereignty of those countries. In order to counter such threats, the parliament enacted an all-encompassing statute, which includes provisions for combating money laundering and associated activities, such as the confiscation of proceeds of crime, the establishment of agencies, and measures to prevent it from occurring in the frst place. The PML Act also intends to confiscate and take any assets obtained by the laundering of money, as well as to deal with any other unspecified matters. This article focuses on the most common problem which is faced by every county that is money laundering. The article tells about money laundering, tax heaven countries, FATE. India has its act which is the prevention of money laundering Act, 2002: its objective, features, and scenario in India. The article also talks about the cases which occurred in India and the role of RBI to prevent money laundering. Keywords: FATF, bank, money. INTRODUCTION As time has progressed, humans have started to get innovative techniques to launder their money. Money laundering is a process in which individuals convert their illegally earned money to legitimate use. In India, if an individual earns more than 5 Lakhs per annum they 591

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