LIC AAO Model Paper 4

The legal term for money laundering is “proceeds of crime" which has been defined in the Proceeds of Crime Act 2002 of United Kingdom. India borrowed the same terminology in its Prevention of Money-Laundering Act (PMLA), 2002. The PMIA 2002 defined process of crime’ as “any property derived or obtained. directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of such property."