📘 A Critique of the Prevention of Money Laundering Act, 2002
✒️ Author: Kartika Sharma
📆 Edition: 1st (2020)
🌐 Language: English
🏢 Publisher: Lexis Nexis
📖 Description:
A Critique of the Prevention of Money Laundering Act, 2002 by Kartika Sharma offers an in-depth and analytical examination of India’s primary anti-money laundering legislation. The book dissects the Prevention of Money Laundering Act (PMLA), 2002, its amendments, and the far-reaching implications of its enforcement — especially in light of constitutional principles, human rights, and due process.
Through meticulous research and critical commentary, the author explores the legal, procedural, and constitutional challenges posed by the Act, including the wide powers vested in enforcement agencies, the shifting burden of proof, attachment of property, and the evolving judicial interpretations by Indian courts.
🔍 Key Features:
⚖️ Comprehensive Analysis: Provides section-wise commentary on the PMLA, 2002 along with relevant rules, notifications, and amendments up to 2019.
📜 Constitutional Perspective: Critically evaluates the validity of PMLA provisions vis-à-vis Articles 14, 20, and 21 of the Indian Constitution, focusing on issues of fairness, arbitrariness, and protection against self-incrimination.
🏛️ Judicial Developments: Discusses landmark Supreme Court and High Court decisions, including Nikesh Tarachand Shah v. Union of India, Vijay Madanlal Choudhary v. Union of India, and others that have shaped the interpretation and operation of the Act.
💰 Money Laundering Process: Explains in detail the mechanisms of money laundering, predicate offences, and the role of financial institutions under the PMLA and allied laws.
🕵️ Enforcement & Procedure: Analyses the powers of the Enforcement Directorate (ED)—from search, seizure, and attachment to arrest and prosecution—alongside the procedural safeguards (or lack thereof).
🌍 Comparative Insight: Includes a comparative overview of international AML (Anti-Money Laundering) frameworks such as the FATF Recommendations and their influence on India’s domestic law.
📚 Scholarly Critique: Offers a balanced critique of the Act’s strengths and excesses, highlighting areas where legislative reform is necessary to align enforcement with principles of natural justice and rule of law.
💡 Highlights:
Detailed discussion on “proceeds of crime”, burden of proof, bail provisions, and attachment/confiscation of property.
Evaluates the PMLA’s overlap with other statutes such as the IPC, NDPS Act, FEMA, and Companies Act.
Addresses privacy and data-sharing issues arising from information exchange between agencies.
Examines constitutional and procedural safeguards in light of Article 21 – Right to Life and Personal Liberty.
Analyses the role of adjudicating authorities, Appellate Tribunal, and Special Courts under the PMLA.
🎯 Recommended For:
Lawyers, Judges & Enforcement Officials dealing with PMLA cases and financial crimes
Corporate Counsels & Compliance Officers in financial institutions
Researchers & Policy Analysts studying financial regulation and criminal law
Students of Law and Criminology specializing in white-collar crime or money laundering
Academicians & Think Tanks working on governance, rule of law, and financial integrity
⭐ Why This Book Stands Out:
Kartika Sharma’s A Critique of the Prevention of Money Laundering Act, 2002 is one of the few Indian works to rigorously critique the PMLA not just as a legal instrument but as a constitutional and human rights challenge. It demystifies the complex architecture of the Act and sparks debate on whether India’s anti-money laundering regime strikes the right balance between crime control and civil liberty.
📚 A powerful, well-researched, and thought-provoking book for anyone seeking to understand the real-world impact, procedural nuances, and constitutional challenges of India’s anti-money laundering law.
