"MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIAration between 2 to 5 percent of world GDP constitutes money laundering and India with agrand scale of money laundering every year is definitely above ratio in comparison to UKwhich is within the given bracket, thus it can be concluded that according to estimations75 stated above FATF, the European Council and the UN think alike.Based on this cross jurisdictional analysis of the estimated figures the extent of moneylaundering in these two nations can be ascertained and also the local factors such as culturaland religious differences that impose limits in relation to universal harmony on anti-moneylaundering legislations. The reason for this statement is because activity termed as illegal inone nation may not be considered the same, for example Hawala Banking System.London?s statue can be argued to be the main financial centre in Europe and has beentargeted by the laundered due to its abundance resources in form of workers. India likeLondon is considered to be one of the targets of terrorism and the activity of moneylaundering due to the lack stringent measures by the government. Both these nationalitiesplay important role in eradicating this criminal offence, one by acting as a spectrum ofdeveloped nations and other representing the developing nations.While comparing the laws under both the nations we observe that the main regulationaddressing money laundering UK is POCA and in India is PMLA. These both regulationswere framed by consolidating the provisions of different acts such that there is an availabilityof common regulation while dealing the criminal act of money laundering and its proceedsand the other parallel offences that result in effecting the economy of the nation.The reason for this comparative analysis is to help the nations in investigating areas ofimprovement for better enactment of the act for reducing this criminal act of money75Same as note 1 Page 50 MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIAlaundering and in this league both the nations have effectively taken required measures andsuggestions for establishing string legal base for reducing the impact of money laundering onits economy, society and business. While the UK legislation focused on showcasing theactivities of criminals both nationally and internationally, India succeeded in showcasing thelaundering activities of many politician and businessmen. This showcasing can be addressedas a simple achievement of these two nations.Further achievements of these two nations would be discussed in the below sectionsseparately for each nation. Thus, from the comparative analysis it can be concluded that bothUK and India strive to eradicate money laundering in which UK has moved a step ahead byjudging more than 50% of petitions, whereas India could judge only one case successfully.The reason for this minimal achievement in India is due to corrupted political officials andpoliticians. Thus, on a comparative basis India has a longer way than UK in restricting theoffence of money laundering.ACHIEVEMENTS IN THE UKFrom the above discussion in chapter 2 of the dissertation we understand that UK like all thenations globally has waged a war against the criminal offence of money laundering byenacting strict laws and regulations against not only the commission of the offence but alsoproceeds or alternative activities in link with those offence. The current section concentrateson discussing briefly some of the achievements of UK law in restricting the act of moneylaundering and its effects on the nation?s economy.? Developing methods and techniques in recognising the act of money laundering,? Implementing measures in the successful enactment of AML laws in the nation andmonitoring them strictly, Page 51 MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIA? Measures in developing the legislation in relation to money laundering. Over the yearthe UK legislation along with the money laundering regulations of 1993 wereimplemented to address offences as per the provisions of EU directive, movingforward the nation took initiatives to consolidate these laws such that it couldovercome the patchwork of legislation which appeared to be vague and inconsistent.It consolidated all the legislations and framed the Terrorism Act, 2000 for fightingagainst the financing to terrorist activities.? Enactment of the Financial Services Authorities Act to fight against the act of moneylaundering in facilitating its detection and monitoring its coincidence.? The establishment of the Financial Conduct Authority (FCA) with the overallobjective of better performance of the markets in The UK. It also includes theoperational objectives of protecting and enhancing the integrity of the UK financialsector such that the interest of the consumer is protected, and healthy competition76 between the consumers is secured.? Other achievements of UK include the development of techniques to overcome thechallenge of identifying the details of the organisations that help in financing theterrorism under the provisions of Financial Services and Market Act, 2000. Theorganisations plan to increase transparency in their reports of the organisation suchthat information of regulated firms and individuals is available to FCA forinvestigating trial of money laundering and carrying the business as transparent as77 possible.? Reducing the extent of firms being involved in the activity of money laundering underthe objectives of FSA.76Anti-money laundering annual report 2012/13, Financial Conduct Authority, July 2003, page nos. 1 to 17;http://www.fca.org.uk/static/documents/anti-money-laundering-report.pdf 77Ibid Page 52 MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIA? Implementation of AML standards in The UK base business even if they are outsidethe European Economic Area, such that their proper momentum in the lawsaddressing money laundering such that consistency is pertained.? Protecting and providing resources to those firms that are exposed to the risk offinancial crime. The FCA organisation prioritizes at protecting the interest ofconsumers. The organisation also aims at protecting the financial institutions from theweb of financial crime such as money laundering and other offences.?The implementation of the fit and proper test, it is very essential that all thecompanies dealing with money service business or Service Provider Company ortrusts have to take this test such that no unsuitable person involves in these activities.The implementation of this regulation helped the government in protecting firms fromthe web of crime as the test restricted criminals to involve and take the test. The78 provisions of the test specify who are permitted to take the test.? Reporting of suspicious activities especially in the conditions where somethingunusual occurs. For example, the customer tries to a large cash payment. Thisdisclosure of FT will help the FCA in tracking down the individuals involved in the79 crime of money laundering.? Successful conviction of more than fifty percent of money laundering case as shownin the below table:80 78Money Laundering Regulations: apply for the fit and proper test, HM Revenue & Customs, Business TaxGuidance, February 2015; https://www.gov.uk/guidance/money-laundering-regulations-apply-for-the-fit-and- proper-test 79Money Laundering Regulations: report suspicious activities, HM Revenue & Customs, Business Tax Guidance,October 2015; https://www.gov.uk/guidance/money-laundering-regulations-report-suspicious-activities 80 Source: UK Director of Public Prosecutions (2009), "Written evidence by the CrownProsecution Society (CPS); Page 53 MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIA? Thus, from the above it can be observed that the UK has successfully stepped ahead inachieving the goal of restricting and combating the crime of money launderingoffence, but the nation is of the opinion that it still has long-way in achieving moneylaundering free economy.ACHIEVEMENTS IN INDIAThis section explains the different achievements and additionally, it also gives a brief note oncurrent money laundering system in the nation. Being one of the fastest and strangestgrowing economies of Asia India has shown complete commitment to limiting the offence ofmoney laundering and its effects irrespective of existence of some important legal issues thatare long-standing such as the threshold of domestic predicative offences which are yet to beresolved.Considered to be one of the targets of money laundering the nation has taken measures tocombat the activities of money laundering. Even though the ratio of achievement in thisscenarios is low but still the nation overrode the challenges in implementing the AML laws inthe nation by ? Developing methods to detect the techniques involved in money laundering,? Also, it took measures for training the legal professionals and competent authorities ina way that they could recognize the individuals who are active part of the moneylaundering offence.? With the help of organisations such as CBI etc., the nation has also chieflyconcentrated on convicting the individuals who are proved to have involved in the actof money laundering,http://www.parliament.uk/documents/upload/F070DirectorPublicProsecutionsCPS120209.pdf Page 54 MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIA? Increasing its focus on money laundering by using effective ML provisions andguidelines. The serious commitment to the nation to eliminating all forms of activitiesin relation to terrorism has to be acknowledged as the nation gradually took measuresto strengthen and expand preventive measures such that financing of terrorismthrough money laundering can be prevented.? India took important steps in meeting the international standards in combating thefinancing of terrorism by consolidating the different provisions of Unlawful Activities81 (Prevention) Act, 1967.? One of important achievement of Indian AML laws is the enactment of PMLA, whichis comprehensive regulation inclusive of all those regulations that address thedifferent forms of money laundering offences and proceeds in the commission ofthese offences.? Criminalisation of offences related to tax evasion or failure to disclose the origin ofincome from the assets that are proceeds of crime.? The Ministry of Home Affairs has taken additional steps to implementation of UAPAsuch that seizure of assets can take place at a quicker pace without any prior notice tothe individual. This freezing mechanism has been implemented even by the bankingand financial sector, and SEBI governed intermediaries and insurance companies.? The establishment of the central agency FUI as per the provisions of PMLA. Thisstatutory body has the power as the civil courts and also statutory powers to access thefinancial, law enforcement and administrative information of any source for analysisof STRs and reference processing of the same from different agencies. In addition tothe power of receiving, processing, analyzing and distributing the information this81Sections 15, 17 and 40 of the Unlawful Activities (Prevention) Act, 1967 (UAPA), as amended in 2004 and2008 Page 55 MONEY LAUNDERING-COMPARATIVE ANALYSIS-THE UK &INDIAorganisation also has the responsibility of maintaining coordination among thenational and international agencies for combating money laundering, financing ofterrorism and other related crimes.? In addition to the criminalisation of these activities, the nation has also to certainextent managed to disclose the information of those individuals whoever is involvedin these activities. Even though it has not been successful in convicting all theindividuals or entities involved due to the influence of different political leaders or theposition of the individuals it did take some action to combat their activities bybringing them to light through channels or investigations, media, etc.? Number of cases filed under the Supreme Court, High Court and the tribunals of Indiaconstitute to 115 & 62 cases till the period of 2014 as shown in the below table andchart:82 ? Irrespective of the fact that stringent legislation has been implemented to curbcriminal activity of money laundering, statistics state that since the year 2006 only 29FT prosecutions could be made out of which only one case has ended in conviction.82Source; Same as note 6; Page no. 29 to 31 Page 56 "