PMLA, 2002 and Role of Scheduled Offence/ Predicate Offence
Dealing with PMLA, 2002 is has been held that an equally well settled principle relating to the retroactive application of penal provisions is that merely because a requisite or facet for initiation of action pertains to a period prior to the enforcement of the statute, that would not be sufficient to characterize the statute as being retrospective. The Court thus concludes that an offense of money laundering that may be committed post 01 July 2005 would still be subject to the rigours of the PMLA, 2002 notwithstanding the predicate offense having been committed prior to that date.
Prakash Industries Ltd v. ED [2022] GCtR 2008 (Delhi)
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