Money Laundering and its Impact with Remedial Measures in context to Indian Scenario : A Critical Study

Abstract

The topic titled as “Money Laundering and its impact with Remedial Measures in context to Indian Scenario: A Critical Study” is a topic of essence keeping in view globalization and expansion of economic avenues. The Money Laundering has its different stagesPlacement, Layering and Integration, etc. basically in money laundering the tainted money is presented as if legally begotten money. The aspect of money laundering does not know territorial barriers as it can initiated in one stage and proceeded further in different stages till the color of the money derived by committing offence becomes a legal tenure and accepted economic avenues of an individual or individuals. Its impact is in several minors including funding for terrorists activities, procuring narcotics, banned arms and drugs, trafficking woman and children, so on and so forth. To crack down on the offence of money laundering, The Global Legal Order has framed guidelines and conventions extra which the India state has also adopted by framing the law known as The Prevention of Money Laundering act, 2002. The law so framed has entered into the bank secrecy areas to the extent that it is obligatory on banks to disclose the suspicious transactions without any intimation to its customer. The Act lays different modes for tracing the money laundering, investigation thereto and adjudication thereof besides, the remedial measures for the aggrieved behold the tribunal and the courts extra. Despite all this there is a scope of for extra territoriality to be dealt on reciprocal basis with other countries in the globe so as to make it effective for which, the executive ought to strive for better administration and prevention on unjust enrichment. The topic as such has