Under the PMLA, the primary objective is to prevent money laundering and to provide for the confiscation of property derived from or involved in what?

Solution

The preamble of the Prevention of Money Laundering Act states that the Act is to prevent money laundering and to provide for the confiscation of property derived from, or involved in, money laundering, and for matters connected therewith or incidental thereto. The twin objectives of prevention and confiscation lie at the heart of the Act. By targeting the proceeds of crime and the process of laundering, the Act seeks to deprive criminals of their illicit gains and to protect the integrity of the financial system.