GENERAL KNOWLEDGE

Detailed explanation-1: -By interpreting “and” in Section 3 of the Prevention of Money Laundering Act 2002 (PMLA) as “or", the Supreme Court held that mere possession or concealment of the proceeds of the crime is sufficient for the offence of money laundering and that it need not be projected as an untainted property.

Detailed explanation-2: -The provisions of Section 44 of PMLA concern “crimes that may be tried by Special Courts.” A provision has been added to Section 44(1)(b) stating that, if no evidence of money laundering is found at the completion of the inquiry, the relevant body must submit a report of closure to the Special Court.