Consider the following statements regarding Prevention of Money Laundering Act, 2002 (PMLA). The PMLA is in line with Indiaandrsquo;s global commitment to combat money laundering, particularly related to crimes involving drugs and narcotics. The Act impose obligation on banking companies and financial institutions to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit andndash; India (FIU-IND). One of its objectives is to confiscate and seize the property obtained from the laundered money.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding Prevention of Money Laundering Act, 2002 (PMLA).

The PMLA is in line with India’s global commitment to combat money laundering, particularly related to crimes involving drugs and narcotics.
The Act impose obligation on banking companies and financial institutions to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit – India (FIU-IND).
One of its objectives is to confiscate and seize the property obtained from the laundered money.

How many of the above statements is/are correct?

a)
Only one
b)
Only two
c)
All three
d)
None

Correct answer is option 'C'. Can you explain this answer?

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Consider the following statements regarding Prevention of Money Launde...

The PMLA was enacted in 2002 in line with India’s global commitment to combat money laundering, particularly related to crimes involving drugs and narcotics.

The PMLA seeks to combat money laundering in India and has three main objectives:

To prevent and control money laundering.
To confiscate and seize the property obtained from the laundered money; and
To deal with any other issue connected with money laundering in India.

The Act and Rules notified there under impose obligation on banking companies, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit – India (FIU-IND).

Answered by Notes Wala · View profile

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Consider the following statements regarding Prevention of Money Laundering Act, 2002 (PMLA). The PMLA is in line with India’s global commitment to combat money laundering, particularly related to crimes involving drugs and narcotics. The Act impose obligation on banking companies and financial institutions to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit – India (FIU-IND). One of its objectives is to confiscate and seize the property obtained from the laundered money.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'C'. Can you explain this answer?

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