Anti-Money Laundering
Anti-Money Laundering law provides for confiscation of property derived from proceeds of crime that is involved in Money Laundering, which is a serious economic offence liable for prosecution and imprisonment as per law. Money Laundering involves concealment of the origins of money or property being derived from a scheduled criminal offence and thereafter transfer and convert such money using banking and financial system to project the same as if it were legitimate money and use it in the formal financial system. In this illegal process the proceeds of criminal activity are organized in such a way so as to launder it as legitimate funds from legitimate source corrupting the formal banking and financial system.
Money Laundering thus comes under the category of a serious offence and constitutes an organized crime. The offences pertaining to wide spread corruption through holding public offices and serious financial and corporate frauds and scams, involving an organized crime of money laundering to conceal the illegal source of such money and project it as legitimate funds and at times through round tripping involving foreign territories, constitute the subject matter of Anti-Money Laundering laws. It is relatively a new area of law which is in its evolving stage and therefore there are multiple amendments to cope up with new challenges in the areas of investigation and prosecution before the courts and Adjudicating Authorities and Tribunals. Further the Enforcement Agencies involved in its administration are at times over enthusiastic and the investigation may cover a large number of suspects without sufficient reasons and evidence. The offence of money laundering has been internationally recognized as a serious economic offence involving cross borders and an inter-governmental body namely Financial Action Task Force (FATF) has been set up to combat money laundering. The suspects and accused in this new law need expert legal assistance to defend themselves and exercise their legal rights as per law.
VGNC provides expert legal services to its clients in this specialized area of anti-money laundering laws where the Enforcement Agencies have vast powers under the law to attach the properties suspected to be involved in money laundering and arrest powers to interrogate the accused and witnesses. Apart from litigation services we provide due diligence services to have an internal control mechanism to prima facie ensure the incoming flow of funds and proper documentation thereof to avoid any possible litigation or investigation into the source of funds invested into business assets.