The PMLA should focus only on serious crimes instead of the long list of scheduled offences it deals with, including white collar offences in the securities market
Money laundering is not, as the then Finance Minister emphasised in 2012, limited to conversion of ‘black’ monies to ‘white’. That is dealt with by the income-tax law.
The Enforcement Directorate (ED) and their raids, attachment of properties, even arrests, etc. under the Prevention of Money Laundering Act, 2002 (PMLA) have recently been in the news. Questions have arisen about their seemingly unbridled powers, their alleged misuse and to the wide scope of the law. The good news though is that gradually courts have chipped at these powers and scope. A recent Delhi High Court ruling has asked the authorities to follow the letter and spirit of…
