law prevention of money -laundering anti corruption & benami properties

Description

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1. Prevention of Money-Laundering

Prevention of Money-laundering Act, 2002 (PMLA)

Purpose: To prevent money laundering and to provide for confiscation of property derived from or involved in money laundering.

Key Features:

Defines money laundering and the process of layering, placement, and integration.

Empowers the Enforcement Directorate (ED) to investigate offences.

Provisional attachment of property suspected to be involved in money laundering.

Special courts for trial of offences.

Strict compliance requirements for banks, financial institutions, and intermediaries.

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2. Anti-Corruption Laws

Prevention of Corruption Act, 1988 (as amended in 2018)

Purpose: To combat corruption in government and public sector.

Key Features:

Covers bribery by public servants and private individuals.

Penalizes gratification, criminal misconduct, and abuse of position.

Introduced corporate criminal liability and provisions for attachment of property.

Requires prior sanction for prosecution of public servants.

Indian Penal Code (IPC), 1860

Sections such as Section 169, 409, 420 deal with criminal breach of trust, cheating, and dishonest misappropriation, relevant in corruption cases.

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3. Benami Transactions

Prohibition of Benami Property Transactions Act, 1988 (amended in 2016)

Purpose: To prohibit benami transactions and the right to recover property held benami.

Key Features:

Defines benami transaction – property held in the name of someone other than the person who has paid for it.

Establishes Adjudicating Authority and Appellate Tribunal.

Empowers authorities to attach and confiscate benami properties.

Punishment includes imprisonment up to 7 years and fine.

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Enforcement Agencies

Enforcement Directorate (ED): Enforces PMLA.

Central Bureau of Investigation (CBI): Investigates corruption cases.

Income Tax Department & Benami Prohibition Unit: Investigates benami properties.

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