Why in news?
Key provisions of the PMLA include:

• It is a law enacted to prevent money laundering and provide for the confiscation of property derived from or involved in money laundering. 

• Punishment for money laundering, which can include rigorous imprisonment of a minimum of three years extending up to seven or ten years depending on the severity and the scheduled offences involved, along with fines.
• The Act imposes obligations on banking companies, financial institutions, and intermediaries to verify clients' identities, maintain records, and furnish information related to suspicious transactions to the Financial Intelligence Unit (FIU-IND).
• The Act enables the government to confiscate properties involved in or derived from money laundering.
• Scheduled offences listed in the Act are crimes whose proceeds, when laundered, attract investigation under the PMLA.
• The Enforcement Directorate (ED) is the key investigative agency for PMLA cases.

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