Law on Prevention of Money Laundering in India
This edition deals with the legal framework for prevention of money-laundering. It gives an account of international initiatives to combat the problem of money-laundering and critically analyses the provisions of the Prevention of Money-laundering Act, 2002. Allied statutes relating to money laundering have been discussed at length in this edition including Benami (Transactions Prohibition) Act, 1988, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and Narcotic Drugs and Psychotropic Substances Act, 1985. Apart from this, the book in separate chapter, elaborates Reserve Bank of Indias Know Your Customer Master Directions. The book will act as a reference manual for Lawyers, Judges, Enforcement officials and legal officers of banking and non-banking financial institutions.
Globalization and liberalization of economies coupled with breakdown of territorial boundaries of nation states triggered by internet and communication technologies has given rise to cross border financial crimes on a massive scale. Repeal of the Foreign Exchange Regulation Act, 1973 by the Foreign Exchange Management Act, 1999 necessitated a new legal regime to address the vacuum left the repeal of FERA and hence the Prevention of Money-laundering Act, 2002 was enacted by Parliament. Being a new law there was an urgent need to educate the legal fraternity about the provisions of the Prevention of Money-laundering Act, 2002. Viewed in this context Dr M C Mehanathans erudite and exhaustive commentary on the provisions of the said Act, along with relevant case law, regulations and international conventions, serves as a valuable tool in the aid of every lawyer and judicial officer who is called upon to interpretthe Act.
Dr T K Viswanathan
Consultant to President of India and former Secretary General Lok Sabha; Union Law Secretary
Dr M C Mehanathan through long years of domain experience and painstaking research has come out with this insightful book that captures in its scope the fine nuances of the subject. I hope this work laboriously undertaken by the author would be of an immense use to the students of law, academia, enforcement officials, the Bench and the Bar.
Dr D B Singh,
Secretary, Rajya Sabha
Dr M C Mehnathan has provided signal service by writing this tome. On a complex subject with a web of illegal/illicit activity, the book would be of immeasurable help to regulators, the legal profession and the discerning public with an abiding interest in ensuringthat such activities are minimised.
S S Tarapore,
Undoubtedly, this is an elaborate attempt and a comprehensive study on the subject of money laundering in India. I sincerely admire the author Dr M C Mehnathan for this commendable work of exceptional nature.
Additional Director (Prosecution), Directorate of Enforcement
With proper analysis of the provisions, up to date case law, background materials and references, the book will serve as a quick useful guide to practical lawyers.
Senior Advocate, Supreme Court of India, Advocate General, State of Sikkim
This book is a comprehensive treatise on the subject. Besides being an excellent commentary on the Prevention of Money-laundering Act, the book also has two exclusive chapters on Reserve Bank of Indias instructions on the subject to banks and NBFCs… It will be of great use for officials of banks and NBFCs, who shoulder an onerous responsibility under the Prevention of Money-laundering Act, 2002.
G S Hedge
Former Principal Legal Advisor, Reserve Bank of India