Origin and Evolution of Money Laundering Law (PMLA-2002) in India
Dr. Sudarshan Nimma
India is vulnerable to money laundering because of certain factors such as, large scale, informal, transnational money transfers across borders, tax avoidance, India’s recent emergence as regional financial center etc. From the historical point of view, India geographically, physically located in the ‘Golden Triangle[ Golden triangle is a tourist circuit which connects the national capital Delhi, Agra and Jaipur. The Golden Triangle is so called because of the triangular shape formed by the locations of New Delhi, Agra and Rajasthan on a map.] and Golden Crescent[Golden Crescent is the name given to one of Asia's two principal areas of illicit opium production (with the other being the Golden Triangle), located at the crossroads of Central, South, and Western Asia. This space overlaps three nations, Afghanistan, Iran, and Pakistan, whose mountainous peripheries define the crescent] more specifically between the heroin-producing countries. Therefore, India is still continues to be a drug-transit country.[‘International Narcotics Control Strategy Report’ by ‘Bureau for International Narcotics and Law Enforcement Affairs’ emphasizes India’s Vulnerability to money-laundering activities. It is estimated that a total of $343 billion has been laundered out of India during the period 2002-2011. This is a massive amount and prevention of money laundering must be a priority for the government. Out of 140 countries, India has been ranked 93rd and 70th in 2012 and 2013 respectively with a score of 6.05 in 2012 and 5.95 in 2013, as compared to Norway, which has a score of 2.36 and ranks No. 1 in the Anti Money Laundering (AML) Basel Index 2013. This clearly shows that India, in the present-day scenario, is very vulnerable to money laundering activities and is a high risk zone. India needs to curb Money laundering as the practice is rampant across the country. ]Few common sources of origin of illegal proceeds in India come from narcotic trade, unlawful trade in wildlife (in endangered state), Selling Gems unlawfully(especially the diamonds), smuggling, human trafficking , corruption etc. India is found vulnerable to illicit financial and money launder
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Unique Paper ID: 154416

Publication Volume & Issue: Volume 8, Issue 11

Page(s): 119 - 124
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