Impact of Anti Money Laundering Laws on Banks: an Australian Case Study for India

Abstract

The Australian anti-money laundering law is one of the best in the world. It emphasises on preventing the crime, while the Indian act stresses on detection. The latter should be updated promptly. A MONEY launderer, according to the Prevention of Money Laundering Act (2002), is defined as 'Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property is guilty of offence of money-laundering.