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Author Topic: revention of money laundering  (Read 742 times)

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Offline advpriyaanand

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revention of money laundering
« on: November 30, 2015, 12:13:10 AM »
in spite of having a legislation called Prevention of money laundering Act,2002, we still find the cases where black money earned by virtue of illegal activities or criminal activities is introduced into the economy. such laundered money creeps in the economy and it completely takes grip of the finance and economic system of a country.

The money saved by virtue of tax evasions are also laundered i.e converted into white money and thus investments are placed in various activities. this results in completely encouraging criminal acts and there is always a need for action to be taken. a check is required on money laundering if not, it will wreck the economy.

There is every need for implementation of the said legislation (law) to control money laundering activities. mere having the law doesnt help us. it is expeditious to make the law more draconian in nature thereby taking deterrant measures.
Advocate Priya Anand,
Learned Counsel
Madras High Court

 

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