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Money Laundering
February 08 , 2013

Money laundering is the set of activities that conceal the true source of huge sums of money got from illegal activities like drug trafficking, terrorism, counterfeiting currency notes, insider trading and any other crime and make them appear to have come from legal sources.

Money launderers attempt to erase the trace of illegally gotten money from its criminal source by passing it through complex financial transactions in stock markets, banks, insurance, etc and make the source of money look legitimate.

Prevention of Money Laundering Act, 2002 deals with the offence of money laundering. KYC norms are set up by RBI, SEBI and IRDA to check money laundering in banking activities, securities market transactions and insurance respectively.

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