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Consider the following statements regarding the Prevention of Money Laundering Act (PMLA):
- The Financial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA.
- It provides for the confiscation of property derived from, or involved/used in, money laundering.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding the Prevention of Money La...
(FIU) is the nodal agency responsible for coordinating and strengthening efforts to combat money laundering and terrorist financing in India.
2. The PMLA was enacted in 2002 to prevent money laundering and provide for the confiscation of property derived from money laundering.
3. Under the PMLA, money laundering is defined as the process of concealing the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.
4. The PMLA empowers authorities to seize and confiscate assets and properties obtained through money laundering activities.
5. The PMLA also requires financial institutions to maintain records of transactions and report suspicious transactions to the FIU.
6. Violations of the PMLA can result in monetary penalties and imprisonment for individuals involved in money laundering activities.
7. The PMLA is part of India's efforts to align its financial regulations with international standards set by organizations like the Financial Action Task Force (FATF).
Overall, the Prevention of Money Laundering Act (PMLA) is a comprehensive legislation aimed at combating money laundering and terrorist financing in India, with the FIU playing a key role in coordinating these efforts.
2. The PMLA was enacted in 2002 to prevent money laundering and provide for the confiscation of property derived from money laundering.
3. Under the PMLA, money laundering is defined as the process of concealing the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.
4. The PMLA empowers authorities to seize and confiscate assets and properties obtained through money laundering activities.
5. The PMLA also requires financial institutions to maintain records of transactions and report suspicious transactions to the FIU.
6. Violations of the PMLA can result in monetary penalties and imprisonment for individuals involved in money laundering activities.
7. The PMLA is part of India's efforts to align its financial regulations with international standards set by organizations like the Financial Action Task Force (FATF).
Overall, the Prevention of Money Laundering Act (PMLA) is a comprehensive legislation aimed at combating money laundering and terrorist financing in India, with the FIU playing a key role in coordinating these efforts.
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Consider the following statements regarding the Prevention of Money La...
The Central Government has recently categorised practising chartered accountants, company secretaries and cost accountants as a “reporting entity” under the Prevention of Money Laundering Act (PMLA).
About Prevention of Money Laundering Act (PMLA):
- It is an Act to prevent money laundering and to provide for the confiscation of property derived from or involved in money laundering.
- The Act was formulated for the following objectives:
- Prevent money-laundering.
- Combat/prevent channelising of money into illegal activities and economic crimes.
- Provide for the confiscation of property derived from, or involved/used in, money laundering.
- Provide for matters connected and incidental to the acts of money laundering.
- The Enforcement Directorate (ED) in the Department of Revenue, Ministry of Finance, is responsible for investigating the offences of money laundering under the PMLA.
- Financial Intelligence Unit – India (FIU-IND) under the Department of Revenue is the central national agency responsible for receiving, processing, analysing, and disseminating information relating to suspect financial transactions.
- The scheduled offences are separately investigated by agencies mentioned under respective acts, for example, the local police, CBI, customs departments, SEBI, or any other investigative agency, as the case may be.
- Actions that can be initiated against the person involved in money laundering:
- Seizure/freezing of property and records and attachment of property obtained with the proceeds of crime.
- Any person who commits the offence of money laundering shall be punishable with –
- Rigorous imprisonment for a minimum term of three years and this may extend up to seven years.
- Fine (without any limit).
Hence only statement 2 is correct.
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Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Prevention of Money Laundering Act (PMLA): TheFinancial Intelligence Unit– India (FIU-IND), under the Department of Revenue, is responsible for investigating the offences under the PMLA. It provides for the confiscation of property derived from, or involved/used in, money laundering.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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