Koustubh Abhinav Desai, Bennett University
Prevention of Money Laundering Act, 2002 (PMLA, 2002) is a special law to prevent the offence of money laundering. And the constitutes offence of money laundering as-
“Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of offence of money-laundering.”
From above mentioned definition it can be seen that the main emphasis is on the process and activity connected with the ‘proceeds of crime’. Now these proceeds of crime in simple meaning can be defined as any undue gain received from crime committed. Now this gain can be in direct relation or indirect relation to crime committed. Offence of money laundering is attracted only when laundered property falls within the purview of the proceeds of the crime and not otherwise. So, the scope of this proceeds of crime is important to understand. Here, further in this article highlighting how the concept of proceeds of crime evolved in respect of offence of Money laundering and present contentions regarding the scope and ambit of the definition.
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