Money Laundering: A Metamorphic Study In Criminology With Emphasis On Indian Scenario

Abstract

The topic titled as “Money Laundering: A Metamorphic Study in Criminology with Emphasis on Indian Scenario” is a topic of importance while keeping in mind the globalization and advancement of economic avenues. Money laundering is defined in three different levels- Placement, Layering and Integration. In other words we can say that the tainted money is brought as if it is legal. The concept of money laundering is not limited in the barriers of territory as it begins in one level and is continued in the other till the money’s colour which is derived by committing the offence becomes a lawful one and is acceptable in the eyes of law. In several minors, the impact of money laundering is seen which includes banned arms and drugs, terrorist activities, trafficking woman and children, procuring narcotics, and so on. The Global Legal Order has framed many conventions and guidelines in India to break the offence of money laundering. It also adopted the law, known as The Prevention of Money Laundering Act 2002. Even the law has entered into areas of bank secrecy so that any suspicious transaction can be intimated without informing its customer. Many modes have been laid down by the act for the purpose of tracing the offence, its investigation and adjudication thereafter. It also laid down the remedial measures that are provided to the aggrieved party. Even there is an opportunity for extra territoriality which can be dealt on reciprocal basis with different other countries present all over so that it may provide effective administration and also it shall prevent unjust enrichment. The research has been made by the primary and secondary source of data where to arrive at certainty where one set of data has been corroborated.