INTERNATIONAL JOURNAL OF ADVANCE RESEARCH
IN MULTIDISCIPLINARY

The Prevention of Money Laundering Act (PMLA), 2002, was enacted to combat the growing menace of money laundering and its link to socio-economic offences. This analytical study examines the impact of PMLA on socio-economic crimes, focusing on its legal framework and effectiveness in curbing illicit financial activities. The act has provided a comprehensive mechanism for detecting and penalizing money laundering activities, thus strengthening the enforcement of laws against economic offences such as corruption, fraud, and tax evasion. By analyzing key provisions of the PMLA, this study explores its role in addressing the broader challenges associated with socio-economic crimes, such as resource misallocation, weakening of financial institutions, and the destabilization of economies. The effectiveness of the act in terms of conviction rates, asset seizures, and deterrence is critically evaluated, along with an examination of its enforcement challenges and the interplay with other legal frameworks. This research aims to highlight both the achievements and limitations of the PMLA in ensuring transparency, accountability, and the protection of public resources against exploitation.