The Prevention of Money-Laundering Act, 2002

The Prevention of Money-Laundering Act, 2002 was enacted with the objective of preventing the laundering of illegally obtained money or proceeds of crime. The act defines money laundering as the process of acquiring, possessing, or transferring any proceeds of crime for the purpose of concealing or disguising the illicit origin of such property. The act also lays down the provisions for the attachment and confiscation of property obtained from laundered money. The act applies to all individuals and entities in India, including foreign nationals and companies operating in India. The act also empowers certain authorities, such as the Director of the Enforcement Directorate, to investigate and prosecute cases of money laundering.