The Prevention of Money Laundering Act 2002 was brought into force from 1st July 2005 when rules thereunder were formulated. The PMLA rules empower finance industry regulators like RBI, SEBI, IRDA to issue sector specific guidelines on AML/CFT. The Objectives of PMLA are (a) Prevention, control and combating activities concerning money laundering, (b) Confiscation of property involved in money laundering and (c) Dealing with matters connected with or incidental to money laundering.