What do you understand by the term "Money Laundering" under the Prevention of Money Laundering Act, 2002 ?

Money laundering is the processing of criminal proceeds to disguise its illegal origin. The process of money laundering can be classified into three stages, namely, placement, layering and integration. Section 3 of the Prevention of Money Laundering Act, 2002 states that whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or 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 is an untainted property shall be guilty of offence of money laundering.