Skip to main content

Thursday Activity: Anti-Money Laundering Law in India

On 14th March, 2019 the multi purpose hall at Army Institute of Law was graced with the presence of Mr. Chitaranjan Aggrawal, an eminent Chartered Accountant. He delivered a lecture to the students with the aim to acquaint them with Anti-Money Laundering legislation in India. 

Money Laundering can be defined as "the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses."

Mr. Aggrawal talked about the three stages of money laundering - placement, layering and integration. He then went on to discuss various statutes like FEMA,
Prevention of Money Laundering Act, 2002 as well as provisions in the Indian Penal Code that target the crime of money laundering.

It was an informative session that enlightened the students with regard to money laundering - a crime which is on the rise due to recent advances in the economic and technological sectors.



Comments

Post a Comment

Popular posts from this blog

Diwali: A Festival of Lights

There are but few festivals in India that are celebrated with as much zeal and happiness as Diwali. One would be right in saying that it is the brightest and the biggest festivals of the Hindus. So grand is its celebration that Diwali has now become an Indian festival, not just a Hindu festival. The country lights up days before Diwali and stays alight for days afterwards as well. Celebrations of Diwali go back to ancient India, with several legends claiming its origin. Harvest is perhaps its most simple and ancient claimant, however, subsequent legends like a marriage of goddess Lakshmi and Lord Vishnu and the return of Lord Rama from Lanka are equally popular beliefs. Celebrations on the day of Diwali are marked by prayers in the evenings and lighting up of houses with lamps and fairy lights in the evening, before the dark sets in. After the prayers have been done, it is a common tradition for children to burst crackers and for the elders and other members of a family to visit ...
Post a Comment
Read more

BREXIT and the Left Behind

The European Union or commonly referred to as the EU is an economic and political union of European states, with its de facto capital Brussels. The founding stones for the European Union were laid on 1ST Nov 1993, Maastricht, Netherlands.   The EU is governed by chimerical institutions and intergovernmental negotiated decisions of the member states.   The EU traces its ancestry from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC). Over a period of 60 years, EU has achieved a lot but Brexit is the greatest disaster to befall the European Union. Brexit has become a shorthand way of saying the UK leaving the EU- merging the words Britain and Exit to get BREXIT. Article 50 of the Treaty OF Lisbon confers any EU member with the right to quit unilaterally and also outlines the procedure for doing so. The article moreover formulates the procedure for the leaving country, two years to negotiate an exit deal and once it is set in motion it can...
Post a Comment
Read more

INTRA INSTITUTE DEBATE CHAMPIONSHIP - 2018

The ability to formulate your thoughts is something that everybody possess. However, it is the ability to put across your thoughts in such a manner that they appeal to those listening, is the gift of oration. Everybody is a speaker, but not everybody is an orator.  The annual edition of the Intra-Institute Debate Competition was organized on the 15 th of February, 2018. The debate was organized in two rounds with the first eliminations round being organized on the 13 th February, open to the whole student body. The eliminations saw strong participation on the topic ‘Is Space Exploration Ethical’. On the basis of the performance at the elimination rounds, 8 teams were chosen to participate in the final round organized on the 15 th in the Multi-purpose Hall (MPH). These 8 teams were: Afreen & Nritika (II Year) Fury (IV Year) & Kainat (II Year) Sankalp & Arundhati (III Year) Trisha & Anshul (II Year) Vatsala & Tavish (V Year) Prateek ...
Post a Comment
Read more