MSH LEGAL

Offence of Criminal Conspiracy and PMLA

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Introduction Section 120A of the India Penal Code, 1860 defines ‘criminal conspiracy’ and section 120B provides its punishment. Enforcement Directorate has invoked it jurisdiction by registering ECIR in many cases where section 120B of IPC was the only schedule offence and no other offences were scheduled offences under the Prevention of Money Laundering Act, 2002 …

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Origin of PMLA

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UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, 1988 to which India is a party, calls for prevention of laundering to proceeds of drug crimes and other connected activities and confiscation of proceeds derived from such offence. The Basle Statement of Principles, (Switzerland) enunciated in 1989, outlined basic policies and procedures that banks should follow …

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