"Money laundering is an Economic Crime". What punishment is provided for it under Prevention of Money Laundering Act, 2002?
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2021
"Money laundering is an Economic Crime". What punishment is provided for it under Prevention of Money Laundering Act, 2002?
Answer & Explanation:
Section 4 of the Prevention of Money Laundering Act, 2002 provides that any person who commits the offence of money laundering shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to seven years and also liable to fine. However, where the proceeds of crime involved in money laundering relates to any offence specified under the Narcotic Drugs and Psychotropic Substances Act, the punishment may extend to rigorous imprisonment for ten years.
Topics: Prevention of Money Laundering Act, 2002 (PMLA)
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