What is Money Laundering?
4 Replies
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 18 July 2010
When money received by unfair means (illegal, black money, drug-dealings, prostitution, smuggling etc.) and thenafter it is put into legal system by adopting certain methods (opening various bank accounts at remote areas (villages), making FDRs there and thenafter shifting that money to the destination (desired place); then it is called money laundering.
Ashish Ojha
(Chartered Accountant)
(469 Points)
Replied 19 July 2010
Yes.. It is Definately an offence.. Prevention of Money Laundaring Act is in place for these offences... And note that this Act has proven to be very useful for Authorities like Enforcement Directorate practically since its recent inception..
LOKESH
(Fresher)
(80 Points)
Replied 19 July 2010
refer this
Attached File : 42 money laundering.doc downloaded: 198 times
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