Centre on Wednesday told the Supreme Court that money laundering is a premeditated offence that needs to be viewed seriously because it poses a serious threat to the financial health of the country.
Solicitor General Tushar Mehta, appearing for the Centre, said that money laundering is a premeditated offence, which never takes place in the heat of the moment.
He further added that economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously as they pose a serious threat to the financial health of the country.
SG Mehta also pointed out money laundering offences usually take place across borders and mentioned the existence of certain tax-haven nations where the offender can easily keep their illicit money.
His submission came before the bench of Justices A M Khanwilkar, Justices Dinesh Maheshwari and C T Ravikumar hearing a batch of petitions challenging certain provisions of the Prevention of Money Laundering Act (PMLA).
SG Mehta was justifying the constitutional validity of the provisions of the Prevention of Money Laundering Act (PMLA).
The matter will be continued to hear tomorrow (on Thursday).
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor