The finance minister while delivering budget speech proposed to amend the PMLA (Prevention of Money Laundering Act) to expose corporate fraud in the country.
Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering.
The amendments to Prevention of Money Laundering Act, 2002, are aimed at enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in the prosecution of Prevention of Money Laundering Act cases, a finance ministry statement said.
The amendment to PMLA through Finance Act 2008 would widen the scope and effectiveness of the act also to make uniform bail conditions for all offenses under the Prevention of Money Laundering Act.
