PMLA

The Prevention of Money Laundering Act, 2002 (PMLA) in India is a pivotal legislative measure designed to combat money laundering and associated crimes.

Quill & Juris is expanding its practice to include expertise in PMLA matters, offering comprehensive advisory services, guiding clients through the intricacies of the PMLA framework. Additionally, we provide representation for clients across various forums, as needed.

Money laundering, as defined under the PMLA, involves the concealment of illegally obtained funds, often through transactions involving foreign banks or legitimate businesses. The Act encompasses a broad spectrum of offenses, including those related to narcotics trafficking, terrorism financing, organized crime, and corruption. The PMLA serves as a cornerstone in preserving the integrity of India’s financial system and combating illicit financial activities, reflecting the government’s steadfast commitment to economic stability and national security.

As part of our advocacy efforts, Quill & Juris is committed to educating clients on key provisions of the PMLA, including:

1. Identification of “Proceeds of Crime”.
2. Obligations of Reporting Entities, such as banks, financial institutions, and intermediaries, regarding stringent customer due diligence, transaction record-keeping, and reporting of suspicious transactions to the Financial Intelligence Unit-India (FIU-IND).
3. Enforcement Agencies empowered with broad investigative powers, including search, seizure, and asset attachment.
4. Provision for Confiscation of proceeds of crime.
5. Penalties and Punishments prescribed for individuals found guilty of money laundering offenses.