Indian Economy Current Affairs Analysis
PMLA was enacted by India’s Parliament under Article 253 which empowers it to make laws for implementing the international conventions.
Background of PMLA:
UN held a special session on June 10, 1998 on the theme ‘Countering World Drug Problem Together’ and made another declaration on the urgent need to combat money laundering.
Accordingly, the Indian Parliament enacted the Prevention of Money Laundering Act in 2002.
But it was brought into force in 2005.
Guilty until proved innocent
An accused under the PMLA act is presumed to be guilty until proved innocent.
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