Money Laundering Prevention Act 2012 Overview
The Money Laundering Prevention Act of 2012 encompasses measures to combat money laundering, smuggling proceeds of crime, predicate offenses, investigation agencies, and consequences for violations. It addresses the investigation, trial, punishment, and prevention of money laundering offenses, detailing the powers and responsibilities involved. The act emphasizes freezing assets, attachment, confiscation, and reporting suspicious transactions to prevent illicit financial activities.
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Presentation Transcript
Smuggling of money or property proceeds of crime freeze Attachment confiscation
predicate offence investigation agency money laundering reporting organization entity suspicious transaction
Offence of money laundering and punishment. Punishment for violation of an order for freezing or attachment Punishment for divulging information Punishment for obstruction or non-cooperation in investigation, failure to submit report or obstruction in the supply of information.- Punishment for providing false information.
Investigation and trial of an offence Extraordinary jurisdiction of the special judge.- Cognizancy, non-compoundability and non- bailability of offences Inevitability of the approval of the Provisions relating to bail Powers and responsibilities of BFIU in restraining and preventing the offence of money laundering.
