Section 4: Punishment for money laundering

[4. Punishment for money laundering.— (1) Whoever commits the offence of money laundering shall be punished with rigorous imprisonment for a term which shall not be less than one year but may extend up to ten years and shall also be liable to fine which may extend up to twenty- five million rupees and shall also be liable to forfeiture of property involved in money laundering or property of corresponding value. (2) The fine under sub-section (1) may extend upto one hundred million rupees in case of a legal person. Any director, officer or employee of such legal person who is also found guilty under this section shall also be punishable as provided under sub-section (1).]

Effective date: 2010-03-27

Amendment history

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