Mere Possession Of 'Proceeds Of Crime' Sufficient To Invoke PMLA, HC Cannot Restrict Its Meaning To Restrain Authorities: Madras High Court

The Madras High Court recently observed that the expression money laundering, as defined under Section 3 of the Prevention of Money Laundering Act has a wider meaning and the provisions of the Act could be invoked against a person for mere possession of proceeds of crime. The court added that since Section 3 is wider, the court could not restrict its meaning to restrain authorities from invoking the provisions of PMLA. “Therefore, mere possession of proceeds of crime would be sufficient...