Mr. Kislay Pandey, an honourable money laundering advocate of the Supreme Court of India says, “Until our lawmakers come up with a solid and apparent instrument, it seems impossible to white wash money laundering. Financial advisors need to come up with a system where it is hard to conduct these type of offences.

1. Kislay Pandey Is Prevention of Money Laundering Possible?
What Corruption Matters ?
If you want to measure the seriousness of the money laundering
offence in India, just have a look on the report of the
Government of India, the total amount of black money has been
laundered or stacked in the Swiss banks is 1.945 billion Swiss
Francs (about INR 9, 295 crores).
As per the section 3 of the Prevention of Money Laundering Act,
2002 (PMLA), an anti-money laundering act enabled in 2002 by
the Parliament of India, money laundering is termed as whosever
directly or indirectly endeavours to indulge or knowledgeably
supports or meaningfully is gathering or essentially tangled in any
procedure or actively associated with the proceeds of criminality,
including its camouflage, ownership, procurement or use and
projecting or claiming it as Untainted Property shall be guilty of
offence of Money Laundering. In India, it is mostly pronounced as
Hawala transactions.

2. Kislay Pandey Is Prevention of Money Laundering Possible?
What Corruption Matters ?
One thing we want to discuss is that prevention of money
laundering is possible in a country like India or not. Mr. Kislay
Pandey, an honourable money laundering advocate of the
Supreme Court of India says, “Until our lawmakers come up with
a solid and apparent instrument, it seems impossible to white
wash money laundering. Financial advisors need to come up with
a system where it is hard to conduct these type of offences.
Furthermore, our law trials should be fast, effective and with zero
tolerance against these types of offences. It can be reduced to
some level by implementing these measures, but it is impossible
to drag it down to zero percent.”
Culprits like Ketan Parekh and late Harshad Mehhta were
sentenced to imprisonment, but the court was failed to recover
the huge amount of money they have laundered to foreign banks.
It clearly shows our limitations. There should be a solid and quick
legal mechanism to recover the amount laundered by offenders.

3. Kislay Pandey Is Prevention of Money Laundering Possible?
What Corruption Matters ?
In the corporate world, black money are generated through many
methods like peripheral trade and transferral pricing, Manipulation in
the global trends through acting dealers; financial market transactions;
misdeed transactions which are unregistered in the account books;
knowingly misrepresentation of Books of Accounts; Manipulation of
sales transactions and misdeeds in receipt submission; Under-reporting
of Production; Manipulation of other Expenses; Manipulations of legal
Accounts; Manipulation of Investment; Manipulation of Ultimate Stock
and dead stock; Manipulation of Principal Expenditures; Cohort of
Black money in Some Defenceless Segments of the Economy, etc.
Furthermore, it also depends of the desirability of government
administration to prevent these types of crimes and criminals. Money
laundering can be severe t any economy if the appropriate control
mechanism is not developed. It can create chaos in the economy by
disturbing the currency liquidation and by unbalancing supply-demand
mechanism of currency.

4. Kislay Pandey Is Prevention of Money Laundering Possible?
What Corruption Matters ?
If you want to measure the seriousness of the money laundering
offence in India, just have a look on the report of the
Government of India, the total amount of black money has been
laundered or stacked in the Swiss banks is 1.945 billion Swiss
Francs (about INR 9, 295 crores).
As per the section 3 of the Prevention of Money Laundering Act,
2002 (PMLA), an anti-money laundering act enabled in 2002 by
the Parliament of India, money laundering is termed as whosever
directly or indirectly endeavours to indulge or knowledgeably
supports or meaningfully is gathering or essentially tangled in any
procedure or actively associated with the proceeds of criminality,
including its camouflage, ownership, procurement or use and
projecting or claiming it as Untainted Property shall be guilty of
offence of Money Laundering. In India, it is mostly pronounced as
Hawala transactions.

5. Kislay Pandey Is Prevention of Money Laundering Possible?
What Corruption Matters ?
Money laundering cannot be controlled until we establish
a profound mechanism to stop it. According to Mr. Kislay
Pandey, an honourable money laundering advocate of the
Supreme Court of India, a transparent and strong
legislation and its solid implementation is required to
control money laundering.