PMLA 2002

  Prevention of money laundering act 2002, was enacted to check the influence of corruption and black money in India.

Recent amendment

  • Dilutes the definition of proceeds of corruption, limiting it to valuable objects or money
  • It expands the mandate of Enforcement Directorate
  • It also allows ED to seize objects and take sou-motto action 

Efficacy of PMLA

  • Conviction rates ~95%
  • The net proceeds caught is less than 10% of estimated black money
  • Accusation of targeting political opposition has been made
  • It offers no security of tenure to ED chief
  • Still lacks provisions to include digital evidence, scientific investigation methods, cyber crime etc.
  • No provisions for creation of capacity
  • No code of ethics and charter of good faith

Way forward

  • A new law including new documents, method of investigations and international best practices is needed
  • Keep burden of proof with the investigators
  • ED role should be clearly defined
India needs a empowered PMLA to root out corruption, black money and money laundering.

 

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