Money which has been the most common medium of exchange and is accepted as a final discharge of debts or payments of goods or services rendered has now become the root cause for corruption. Due to increase in standard of living of the individual, the quest for money has also increased in order to satisfy the increasing needs. So now the individual had to gather money no matter from whichever source it came and so they opted to corrupt means. This is where the concept of “Money Laundering” lies. As because the black money generated from illegal sources have to be shown as if it was generated from legitimate means. This seminar paper will start with the brief introduction of the topic and the method used for the research. Further we will discuss in detail money laundering, PMLA, IPC, FEMA. We will also discuss other Indian statutes which deal with money laundering. It would be supplemented by the discussing the objectives, causes and effects of money laundering. Then we shall discuss some recent judicial pronouncements by Indian Courts on money laundering. It will be further followed by some suggestion as to how to curb money laundering. Then we shall draw a conclusion on the above discussed topic.
Money laundering, Black money, corruption, PMLA, IPC, FEMA,
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