Prevention of Money Laundering Act, 2002

Q.  Recently there have been accusations against Vijay Mallya. The accusations are prominently under which act?
- Published on 22 Apr 16

a. Companies Act, 1956 and Companies Act, 2013
b. Benami Transactions (Prohibition) Act, 1988
c. FEMA, 1999
d. Prevention of Money Laundering Act, 2002

ANSWER: Prevention of Money Laundering Act, 2002
 
  • The case is based on Prevention of Money Laundering Act, 2002 for diverting loan money to buy property abroad.
  • The PMLA, 2002 defines money maundering as ‘any activity connected with the proceeds of crime including concealment, possession, or use and projecting it as untainted property.’

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