Abstract:
Money laundering is the process by which the money acquired through illegal means like drug trafficking, tax evasion etc., is giving legitimate image by way of investing or transferring in legal instruments. Money laundering directly or indirectly affects the sector where it happened. The essential sectors like real estate, pharmaceutical, banking, etc are not an exception to this. But the effect of money laundering on these sectors would affect large public and eventually the nation. This article evaluate the infusion of money laundering in real estate sector of Chennai, a metropolitan city of Tamilnadu state of India with the population of about 5 million. Through the pre set questionnaire, the people of various level of dealings with real estate sector were interviewed and the responses analysed with the view of how knowingly and unknowingly the money laundering happens in real estate sector. In addition to the findings, the authors also analyse the legal provisions for anti money laundering in international arena.
