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The PMLA — a law that has lost its way
Context:
The Prevention of Money Laundering Act (PMLA), 2002, is under scrutiny due to its broadened scope beyond its original focus on combating the laundering of drug money.
Background and Original Objective:
- Global Concerns: The enactment of the PMLA stemmed from international efforts to combat money laundering, particularly proceeds from drug trafficking, highlighted by UN resolutions and the establishment of the FATF.
- Focused Legislation: Initially, the PMLA primarily targeted the laundering of drug money, aligning with UN resolutions and FATF recommendations to tackle this specific aspect of money laundering.
- Parliamentary Enactment: The PMLA was enacted by India's Parliament under Article 253 to implement international conventions and decisions, with its scope confined to the subject matter of combating drug money laundering.
Expansion of Scope and Concerns:
- Inclusion of Diverse Offences: Over time, the PMLA schedule expanded to include various offences unrelated to its original purpose, such as those listed in the IPC or other special laws, deviating from its focus on drug money laundering.
- Uniform Application: The PMLA's stringent provisions, initially designed for drug traffickers, are now applied uniformly across all scheduled offences, including non-drug-related crimes like corruption under the Prevention of Corruption Act, 1988.
- Presumption of Guilt: The PMLA's bail provision (Section 45) reverses the presumption of innocence, requiring the accused to prove innocence for bail, leading to prolonged detention without trial and raising concerns about individual rights.
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