New Delhi, Sept. 12 -- India, being a signatory to a number of conventions and declarations of the United Nations and given its obligation to fulfil promises made to the international community to curb the rise of drug trafficking and terrorist activities, implemented the Prevention of Money Laundering Act, 2002 ("PMLA or Act") .

A bare reading of the Statements of Objects and Reasons enumerated in the Act would demonstrate that the primary reason behind implementing the Act was its obligation to the global community that had already taken initiatives to obviate the threat of money laundering and to attack the sprouting of serious global crime, mainly drug trafficking and terrorism.

Evolution of Prevention of Money Laundering Act, 2002

W...