In a bid to bring prevention of money launderinglegislation on par with global norms, Government today introduced a Bill to allow confiscation of proceeds of crime even during the trial.
PMLA (Amendment) Bill, 2011, introduced by Finance Minister Pranab Mukherjee in Lok Sabha, also provides that in any proceedings relating to proceeds of crime “…it shall be presumed that such proceeds of crime is involved in money-laundering”.
The proposed Bill has provision for attachment and confiscation of the proceeds of crime even before conviction, “so long as it is proved that offence of money-laundering has taken place and property in question is involved in money-laundering.”
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