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Money Laundering
What is money laundering?
Money laundering involves disguising financial assets so that they can be used without detection of the illegal activity that produced them. Through money laundering, the launderer transforms the monetary proceeds derived from criminal activity into funds with an apparently legal source.

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What is a Money Laundering offence?
Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money laundering.

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What are proceeds of crime?
Proceeds of crime means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property.

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What is a Scheduled Offence?
Scheduled offence means an offence specified under Part A or Part C of the Schedule of the Prevention of Money Laundering Act, 2002.

Who is a reporting entity?
Reporting entity means a banking company, financial institution, intermediary or a person carrying on a designated business or profession.
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FIU-India does not seek any information from individuals. If any person receives any such letter/query, it is a fraud and it should be immediately reported to the Police and also brought to the notice of FIU-IND...more
 
 
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