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of <h1>PMLA 2002: Expanded Reporting Entities to Combat Money Laundering in Real Estate, Precious Metals, Virtual Assets, and More.</h1> The Prevention of Money Laundering Act, 2002 (PMLA) aims to combat money laundering by defining the offense and establishing a framework for confiscating property involved in such activities. Money laundering involves disguising illegal financial assets to appear legitimate. The process includes placement, layering, and integration. The Act designates certain entities as 'reporting entities,' including banks, financial institutions, and professionals in specified businesses, to monitor and report suspicious activities. Various notifications have expanded the scope of reporting entities, encompassing activities related to real estate, precious metals, virtual assets, and professional services, ensuring comprehensive oversight against money laundering.
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