3. Offence of money-laundering.—Whosoever directly or indirectly attempts to indulge or
knowingly assists or knowingly is a party or is actually involved in any process or activity connected with
the 1
[proceeds of crime including its concealment, possession, acquisition or use and projecting or
claiming] it as untainted property shall be guilty of offence of money-laundering.
2
[Explanation.—For the removal of doubts, it is hereby clarified that,—
(i) a person shall be guilty of offence of money-laundering if such person is found to have
directly or indirectly attempted to indulge or knowingly assisted or knowingly is a party or is actually
involved in one or more of the following processes or activities connected with proceeds of crime,
namely:—
(a) concealment; or
(b) possession; or
(c) acquisition; or
(d) use; or
(e) projecting as untainted property; or
(f) claiming as untainted property,
in any manner whatsoever;
(ii) the process or activity connected with proceeds of crime is a continuing activity and continues
till such time a person is directly or indirectly enjoying the proceeds of crime by its concealment or
possession or acquisition or use or projecting it as untainted property or claiming it as untainted
property in any manner whatsoever.]
4. Punishment for money-laundering.—Whoever commits the offence of money-laundering shall
be punishable with rigorous imprisonment for a term which shall not be less than three years but which
may extend to seven years and shall also be liable to fine 3***:
Provided that where the proceeds of crime involved in money-laundering relates to any offence
specified under paragraph 2 of Part A of the Schedule, the provisions of this section shall have effect as if
for the words “which may extend to seven years”, the words “which may extend to ten years” had been
substituted.