Prevention of Money Laundering Act — Mains Questions

Critically examine the constitutional validity of the Prevention of Money Laundering Act (PMLA), 2002, in light of recent Supreme Court judgments. Discuss the concerns regarding the balance between effective enforcement and individual liberties.

The Prevention of Money Laundering Act (PMLA) has evolved significantly through amendments, shifting from a reactive to a proactive enforcement framework. Analyze this evolution and its strategic implications for India's financial security.

Compare and contrast the key provisions and enforcement mechanisms of the Prevention of Money Laundering Act (PMLA), the Foreign Exchange Management Act (FEMA), and the Prohibition of Benami Property Transactions Act (PBPTA). Highlight their overlaps and distinct roles in India's financial legal framework.