STUDYING ANTI-MONEY LAUNDERING LAWS AND REGULATIONS IN INDIA. A MENACE TO INDIAN ECONOMY

AUTHOR – VASU SHARMA, STUDENT AT CHRIST DEEMED TO BE UNIVERSITY

BEST CITATION – VASU SHARMA, STUDYING ANTI-MONEY LAUNDERING LAWS AND REGULATIONS IN INDIA. A MENACE TO INDIAN ECONOMY, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (1) OF 2024, PG. 439-454, APIS – 3920 – 0001 & ISSN – 2583-2344

ABSTRACT

The impact of India’s anti-money laundering (AML) legislation and regulations on the country’s economy is examined in depth in this study. Economic stability and the integrity of the financial system are seriously threatened by money laundering. By examining the legal framework and regulatory measures established to combat this menace, this research sheds light on the effectiveness of existing AML policies in safeguarding the Indian economy. The study investigates key aspects such as the enforcement of “know your customer” norms, financial institutions’ role in prevention, and the relevance of international cooperation through UN conventions. It also addresses the challenges of implementing these laws and proposes recommendations for enhancing AML measures. Through a comprehensive analysis of AML laws, this study aims to raise awareness about the economic implications of money laundering in India and suggests strategies to fortify the country’s financial resilience.

Keywords: Anti-Money Laundering (AML); Money Laundering; Indian Economy; Financial Regulations; Financial Crimes; Economic Stability