What are the possible actions which can be taken against persons/properties involved in Money Laundering?
Following actions can be taken against the persons involved in Money Laundering:- (a) Attachment of property derived or obtained as a result of a scheduled offence. The attached properties may be confiscated and disposed off. ( Sections 5 & 8 of the Act). (b) Persons found guilty of an offence of Money Laundering are punishable with imprisonment for a term which shall not be less than three years but may extend up to seven years and shall also be liable to a fine up to Rupees 5 Lakhs (Section 4 of the Act). When the scheduled offence is committed under the Narcotic and Psychotropic Substances Act, 1985, the punishment shall be imprisonment for a term which shall not be less than three years but may extend upto ten years and liable to a fine of upto Rs.5 lakhs.
