SC upholds strict PMLA provisions and backs ED’s sweeping powers | India News

NEW DELHI: The Supreme Court on Wednesday upheld the validity of strict regulation Anti-Money Laundering Law (PMLA) and the broad powers enjoyed by the Executive Director (ED). It allows the agency to continue to arrest people and conduct searches and seizures even without a complaint, make pre-admissible statements in court, and also imposes a burden on defendants to prove their innocence. their innocence.
The court said: “Money laundering cannot be said to be any less serious than terrorism. In a 545-page ruling written by Justice AM Khanwilkar, SC examined all of the controversial PMLA provisions that were contested by the plaintiffs and found all of them valid.
While approving the PMLA’s strict provisions on Wednesday, the Supreme Court said “pollution money causes discontent in any society and in turn leads to a lot of crime and civil unrest.” , and thus, the government and the people are forced to identify and seize the money that is heavy”.
“If there are any proactive steps towards such a cause, we cannot help but facilitate good steps,” it added.
A bench of Judges AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar said the threat of money laundering, the most suitable transaction method for criminals and the means of livelihood of drug dealers, terrorists and criminals white-collar offenders, must be dealt with severely.
“Furthermore, we disagree with observations showing that money laundering is a lesser crime than terrorism dealt with under the TADA Act or that there is no mandatory state interest in tackling the crime of money laundering. International bodies have discussed the threat of money laundering on a regular basis for quite some time, and specifically recommend the enactment of strict laws to prevent money laundering and combat this threat, including prosecuting offenders, enclosing and confiscating proceeds of crimes that have a direct impact on financial systems and on the sovereignty and integrity of nations,” the bench said.
The court added that money laundering is not a common offense and that special legislation is required to prevent and combat intimidation by making provisions for the attachment and forfeiture of funds. obtained from the crime and prosecuted the accused. “Today, if you delve into financial systems, anywhere in the world, you will find that once a financial mastermind can integrate illicit money into the bloodstream of an economy, , it is almost indistinguishable. In fact, the money can simply go abroad with one click. It is also known that once this money leaves the country, it is almost impossible. recoverable,” it said.
The Court said the State has an obligation to ensure social, economic and political justice and to reduce income inequality and also to prevent the concentration of wealth to realize socialist goals. and the State is required to introduce such laws, which not only ensure that non-calculated money is transferred back to the economic system of the country, but also prevent any activities that cause damage. for the economic structure of the country.
“Money laundering is one of the heinous crimes that not only affects the economic and social fabric of the nation, but also tends to promote other heinous crimes, such as terrorism, crime, and crime. regarding the NDPS Act, etc. It is a proven fact that the international criminal network that supports extremist groups to thrive in the country relies on unaccountable money transfers between countries, therefore, according to any Imagine, it cannot be said that there is no interest in the State in imposing strict bail conditions on money crimes, it said.

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