Under the Prevention of Money Laundering Act, 2002

Solution

Under the Prevention of Money Laundering Act, 2002 (PMLA), money laundering is punishable with imprisonment for a term that may extend up to 10 years, along with a fine. The Act aims to combat money laundering and to regulate the process of investigation, attachment of property, and prosecution of individuals involved in such illegal activities. • The law is designed to tackle the illicit transfer of money through illegal means, including corruption, fraud, and drug trafficking, and to prevent the conversion of illegally acquired wealth into legitimate assets.