Money Laundering is an act of financial terrorism: HC

Mohammad Arif Vs Directorate Of Enforcement, Govt. of India (Orissa High Court) High Court of Orissa held that The offence of Money Laundering is nothing but an act of financial terrorism that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation. The International Monetary Fund estimates that laundered money generates about $590 billion to $1.5 trillion per year, which constitutes approximately two to five percent of the world’s gross domestic product. The Supreme Court of India has consistently held that economic of...