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Money Laundering : Decoding the Law & Measures of Prevention

 

The statute of Money Laundering i.e., the Prevention of Money Laundering Act, 2002 has been enacted to combat money laundering in India. It has the following three aims:

  • To prohibit and control money laundering;
  • To provide for the confiscation and seizure of property obtained through money laundered; and
  • To deal with any other issue connected with money laundering in India.

The money obtained through illicit means cannot be used as one's own economic asset and requires a cleansing of sorts. The legitimization of the money received as gains from an illegal act brings us to the concept of money laundering. The instant course focuses on the sources, channels and modes of money laundering and discusses the various legal provisions attracted by them.

The main focus of criminalizing money laundering is to take gain out of the crime or fraud. The idea for the establishing of the offence is that it is felonious for the individuals or business entities to aid the criminals to incentivize them from the proceeds of their pursuit of crimes or to ease the commission of such crimes by giving them financial services.

It is designed to cover the legalities associated to the complex economic offence of money laundering alongside the punishments that might accrue if one is convicted. The intensity of the offence tracing the developments around bringing an end to the economic offence of money laundering, is critically analyzed by the Legislature, Executive and Judiciary.

COURSE OUTCOME

 
 

After completion learners will be able to:

  • Examine and analyze the various factors which play an important role in the investigation of the offence of money laundering.
  • Appreciate the need of statutes to govern such economic offences.
  • Trace the steps involved in detecting money laundering.
  • Identify the channels used for conducting the offence.
  • Understand the loopholes exploited for illicit gains by unscrupulous criminals.

COURSE OUTLINE

 
 
  • Module 1 – The Law of Money Laundering
  • Module 2 – Bilateral and Reciprocal Agreements
  • Module 3 – Special Obligations of Banking Institutions, Banking Companies, Financial Institutions and Intermediaries
  • Module 4 – Judicial Efforts to curb the Offence of Money Laundering
  • Module 5 – Conclusion
  • Certification Exam/ Assessment

CERTIFICATION

 

Honors Badge

WHO SHOULD TAKE THIS COURSE

  • Bankers
  • Banking Lawyers
  • Enforcing agencies
  • Managers across sectors
  • Officers involved in conducting investigations
  • Officers from disciplinary cells and vigilance departments
  • Lawyers
  • Students/Law students
  • Anyone, who is interested in this field

Level: Beginner

Language: English

Duration: 6 Months

EVALUATION METHOD

Progress will be tested by way of quizzes and assignments at the end of each Module. Learners must attempt the exam at the end of the course and secure at least 50% marks to obtain course certificate.

About the Author

Poli Kataki did her LLB from the Delhi University and Masters in Business law from NLSIU, Bangalore. She is an Advocate on Record, Supreme Court of India. Poli has wide ranging experience in the matters related to Commercial Laws, Company Laws, Customs and Excise, Arbitration Laws, etc.

She has attended various seminars and conferences at the National and International level. Her contribution towards drafting the guidelines pertaining to Darjeeling being covered under the sixth schedule area has been widely recognized. She has also been appointed as a Local Commissioner by the Delhi High Court in a Company Petition and has been involved in the Drafting, Settling and Vetting of contracts of different nature such as Rent Agreement, Sale Deed, Memorandum of Incorporation, etc.

The Instructional Design of the Course has been done by Team LawSkills.

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