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.

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