The Prevention of Money Laundering Act, 2002 (PMLA) is an Indian law enacted to combat the offence of legalising income or profits from an illegal source. The Act enables government authorities to confiscate property or assets earned from illegal sources or through money laundering. The burden of proof lies with the accused, who must prove that the suspect property or assets have not been obtained through proceeds of crime. The PMLA provides for anti-money-laundering and anti-terrorist-financing measures to be taken in India.
POSA Research complies with the applicable PMLA obligations, including KYC verification, record-keeping and reporting of suspicious transactions where required.