Anantyoya Chatterjee and Swastik Banerjee, Kalinga Institute of Industrial Technology, KIIT School of Law
ABSTRACT
The concept of money laundering is not new in today’s time period as it has been going on for decades across the world and money has become an integral part of one’s life. It is generally done by altering illegal funds acquired by ways of other criminal activities such as drug trafficking, smuggling of arms or precious metals, etc. into legal money, thereby affecting the global economy. It is believed that the estimated amount of money laundered illegally is around 2-5% (i.e. $800 million - $2 trillion) of the global GDP1 in 2022 and most of such amount goes undetected. Money laundering in India has been active for decades, with a recent growth materialising in the banking sector. Around 9,103 fraud banking cases in India have been reported in the current financial year of 2022. The current article is about the notion of money laundering in India and across the world, both as a criminal and a taxation offence, its execution, and anti-money laundering laws applicable in our country and in other nations.
Keywords: Money laundering, GDP, Financial year
