Khushi Doshi
Published On: February 4, 2022 at 12:36 IST
As money laundering affects the economy of the country and it could be derailed because of it. Money Laundering should be considered a more Heinous Crime in comparison to murder, says SC.
While hearing petitions filed by Congress leader Karti Chidambaram and former Maharashtra home minister Anil Deshmukh, the Court stated that such crime undermines the country’s integrity and sovereignty, which is why the Act was enacted. The Court is evaluating the Constitutionality of several Provisions of the Prevention of Money Laundering Act (PMLA).
“The offence of money laundering damages the economy and the financial system of the country. It can put the economy on hold or can derail it. It is more serious than murder. That is why a special Act was framed”,
stated the bench of Justices AM Khanwilkar, Dinesh Maheshwari, and CT Ravikumar when it was pointed out that the procedure prescribed in the Act is in violation of the Criminal Procedure Code and the Indian Evidence Act.
According to the Court, money laundering is being used not only for drug trafficking but also for terrorist activities, and such Crimes jeopardise the country’s integrity and sovereignty.
The Petitioners contended that the Act’s coercive powers, including the power of Arrest without a Warrant under Section 19 based on the officer’s subjective satisfaction, are intended to facilitate the obtaining of a confessional statement.
The Petitioners have also challenged the constitutionality of Section 45(1) of the Act, which limits the granting of Bail.