Money laundering refers to the process of concealing the origins of illegally obtained money by passing it through legitimate financial systems. In India, it is primarily addressed under the Prevention of Money Laundering Act (PMLA), 2002. Its growing scale poses a grave threat to India’s financial integrity, governance, and national security.
Money laundering is not just an economic crime but a multidimensional threat undermining India’s financial security, governance, and social order. A transparent, technology-driven, and coordinated institutional approach is crucial to safeguard the integrity of India’s economy and democracy.
Q. Examine the impact of money laundering on India’s economy, governance, and internal security. How does the Prevention of Money Laundering Act (PMLA), 2002 address these challenges?
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