Money Laundering Is A Heinous Crime, It Promotes Terrorism
Money laundering is a heinous crime, it promotes terrorism, drug smuggling, and know the big things of ‘Supreme court’ verdict.
The Supreme Court on Wednesday said that money laundering is a heinous crime that not only affects the social and economic fabric of a country.
But also encourages other serious crimes like terrorism and drug trafficking.
The Supreme Court also pointed out that the Prevention of Money Laundering Act (PMLA) 2002 is a special law to deal with activities having international ramifications on the financial systems.
That’s why the law was made.
Simultaneously, a bench headed by Justice AM Khanwilkar upheld the validity of certain provisions of the PMLA.
The bench said that this law is a law to prevent money laundering and to prosecute people involved in activities related to the proceeds of crime.
The comprehensive legislation was created to meet the urgent need.
Need for comprehensive legislation.
A bench of Justice Dinesh Maheshwari and Justice CT Ravikumar said that money laundering is not a common offense.
The need to enact a comprehensive law to prevent money laundering was felt around the world, as there is a serious threat to the financial systems of countries including their integrity and sovereignty.
Parliament passed the PMLA as a result of an international commitment to vigorously combat the menace of crime with serious economic consequences.
Right of confiscation upheld.
The Supreme Court on Wednesday upheld the powers of the Enforcement Directorate (ED) to arrest, attach property, search, and seizure under the Prevention of Money Laundering Act (PMLA), 2002.
The top court also said that the ED’s power to arrest under Section 19 of the Act is not arbitrary.
Money laundering is a threat to the financial system.
Hearing more than 200 petitions by more than 240 politicians, individuals, and organizations including Congress MP Karti Chidambaram.
A bench of Justice AM Khanwilkar, Justice Dinesh Maheshwari, and Justice CT Ravikumar said that it is a common experience across the world that money laundering is a part of the financial system.
It could be a threat to better functioning.
This crime affects the social and economic fabric.
The Supreme Court said that it is a heinous crime that not only affects the social and economic fabric of the country but also encourages other heinous crimes.
The petitions raised questions on various provisions of the PMLA, which the opposition often claims is being used by the government as a weapon against its political opponents.
It is not necessary to give a copy of ECIR to the person concerned.
Upholding the validity of certain provisions of the PMLA, the bench, in its order, said that officers under the 2002 Act are not police officers and Enforcement Case Information Report (ECIR) cannot be equated with an FIR under CrPC.
In every case, it is not necessary to give a copy of the ECIR to the person concerned and it is sufficient to state the grounds of arrest by the ED at the time of the arrest.
In this case, the petitioners had challenged the power of the ED to not disclose the details of ECIR. He said that this violates the fundamental rights of the accused.
