[Book Launch] A Critique of the Prevention of Money Laundering Act, 2002 by Abhimanyu Bhandari and Kartika Sharma

A book critically examining various provisions of the Prevention of Money Laundering Act, 2002 (PMLA, 2002) as well as judicial decisions in this area of law has been launched. .‘A Critique of the Prevention of Money Laundering Act, 2002’, authored by advocates Abhimanyu Bhandari and Kartika Sharma, is a recent addition to the scarce literature on the law relating to the PMLA..Published by Lexis Nexis, India, the book promises to be a useful guide for practising advocates and students of law alike. The authors have donated the entire royalties due to them to Increasing Diversity by Increasing Access (IDIA), a non-profit organisation which aims to empower underprivileged children by giving them access to quality legal education..The foreword to the book authored by Justice AK Sikri, former judge of the Supreme Court of India, reads:."The Authors have comprehensively dealt with all the aspects of PMLA which include not only a vast coverage of the powers of the Enforcement Directorate but the abuse of that power as well. The beauty of the book lies in the style and the manner in which it is structured. Instead of writing a section-wise commentary, the young Authors have taken up four subjects which are central to the theme of PMLA and around that, they have deftly woven the complete fabric of the subject. In the process, they have taken note of finer nuances with the support of necessary and relevant case laws. This unique approach puts the book in a different class altogether and justifies the outstanding endeavour of the Authors.".Justice Rohinton Fali Nariman of the Supreme Court of India has commented, ."Each chapter of this not only discusses prominent cases pronounced by various courts in India in this area of law but also analyses certain judgments delivered by the courts of the US and UK in relation to the offence of money laundering. This book would be a useful guide for not only a practicing advocate but also for a student of law, as it extensively discusses the relevant provisions of the Act in addition to the cases pertaining to those provisions. ".Union Law Minister Ravi Shankar Prasad has also commended the book, saying, ."Pursuant to India’s commitment to the international community, it promulgated the Prevention of Money Laundering Act, 2002 to curb the growing menace of money laundering. The jurisprudence on this law that came into force in 2005 is still evolving. To this end, this book is timely. Not only do the authors critique the evolving jurisprudence on the laws of money laundering from a comparative law standpoint, in their analysis, they also test the cases against the administrative and constitutional backdrop of this country. The book is lucid in its form and comprehensive in its content. I am certain that this book will serve its purpose in guiding both the practitioners and policymakers alike, to develop a fine understanding of the nuances involved in this complex topic.".The book has garnered attention internationally as well. Lord Garnier QC, Her Majesty’s Solicitor General (2010-12), has observed the following about the book:."A complicated subject has been beautifully clarified by two bright lawyers, but this is a book not just for their compatriots. Money laundering is a global phenomenon that pays no attention to national boundaries or jurisdictional niceties. Black money flows where it can and brings havoc with it. This is no ordinary text book. It is a concise but clear study of India’s PMLA. The authors show us what it is, what it does well and what it gets wrong from their own, invaluable experience as lawyers who have advised on and applied the Act in practice. No one working in the field of international financial and economic crime, be they in London, New York, Singapore or Sydney, let alone in the criminal courts in India, should be without this book. ".The book is now launched and available in the market for sale. Click here to purchase the book.