India

The Prevention of Money Laundering Act, 2002 is entirely operational as the major statutory regime of monitoring, impounding, and forfeiture of proceeds of the designated economic offences and institutional corruption in India. Utilizing the cooperative authority of the ED and FIU-IND, the Act shifts the age-old rule of proof of innocence on the accused, where the individual needs to prove the legitimacy of his wealth, along with imposing stringent "twin conditions" for bail. Updated to international FATF guidelines, the regime considers crypto platforms, corporate executives, and trustees in foreign jurisdictions as Reporting Entities mandatorily, which means that the entities need to conduct stringent KYC procedures and report cash transactions within seven days.