Supreme Court Delays Hearing on Money Laundering Law Review
The Supreme Court of India has postponed the hearing on a review petition challenging its previous judgement upholding the Prevention of Money Laundering Act (PMLA) to September 18. The delay occurred because one of the judges was unavailable.
Arguments for Reconsideration
Senior Advocate Kapil Sibal, representing the petitioner, argued that the judgement needs reconsideration. The court assured that both sides would have ample opportunity to present their arguments.
Defense of the Law
Solicitor General Tushar Mehta opposed the revaluation, stating that the PMLA is in line with the Financial Action Task Force (FATF) guidelines and is essential for combating money laundering.
Background
On July 27, 2022, the Supreme Court upheld the PMLA, empowering the Directorate of Enforcement to make arrests, conduct searches, and seize assets. The court also ruled that the Enforcement Case Information Report (ECIR) is not equivalent to a First Information Report (FIR).
Notable Petitioners
Prominent petitioners include Congress MP Karti Chidambaram and former Jammu and Kashmir Chief Minister Mehbooba Mufti. Their petitions raised issues such as the lack of a procedure for commencing investigations and the accused not being informed of the ECIR contents.
Government’s Stand
The Centre defended the PMLA, stating that it is crucial for preventing money laundering and is in line with international best practices. The law aims to confiscate the proceeds of crime and ensure offenders are punished by a competent court.
Doubts Revealed
Supreme Court -: The Supreme Court is the highest court in India. It makes important decisions about laws and justice.
Money Laundering -: Money laundering is when people try to hide money they got illegally by making it look like it came from a legal source.
Review Petition -: A review petition is a request to the court to look at a previous decision again and possibly change it.
Prevention of Money Laundering Act (PMLA) -: The PMLA is a law in India that helps to stop money laundering and catch people who do it.
Postponed -: Postponed means to delay or move to a later time.
Senior Advocate -: A Senior Advocate is a very experienced lawyer who argues cases in court.
Kapil Sibal -: Kapil Sibal is a well-known lawyer and politician in India.
Solicitor General -: The Solicitor General is a top lawyer who represents the government in court.
Tushar Mehta -: Tushar Mehta is the current Solicitor General of India.
Karti Chidambaram -: Karti Chidambaram is an Indian politician and businessman.
Mehbooba Mufti -: Mehbooba Mufti is an Indian politician and former Chief Minister of Jammu and Kashmir.