Why in News? 

Recently, the Enforcement Directorate has alleged a criminal conspiracy involving the transfer of valuable properties in a case under the Prevention of Money Laundering Act (PMLA). The investigation focuses on the illegal transfer of assets worth crores to certain parties as part of the money laundering activities. 

About PMLA 

• The Prevention of Money Laundering Act (PMLA), 2002, aims to prevent money laundering, confiscate property acquired through illegal money, and address related issues in India. 
• Money laundering is defined under Section 3 as knowingly dealing with proceeds of crime by making them appear legal. 
• The Act requires banks and financial institutions to verify and maintain records of clients and transactions and empowers the Enforcement Directorate (ED) to investigate and attach properties involved in money laundering. 
• Section 45 sets strict conditions for granting bail to accused persons, making offenses under PMLA non-bailable; though challenged in courts, these provisions remain through amendments.