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?

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

UPSC Exam > UPSC Questions > Consider the following statements regarding P...

Join the Discussion on the App

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?

FREE This question is part of

Test: November 2023 Weekly Current Affair - 1

Attempt Test

Attempt this Test

Most Upvoted Answer

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

Attention UPSC Students!

To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.

Current Affairs & Hindu Analysis: Daily, Weekly & Monthly

Lucent for GK

History for UPSC CSE

Indian Polity for UPSC CSE

View all answers Start learning for free

< Previous Question Next Question >

Explore Courses for UPSC exam

Similar UPSC Doubts

Consider the following statements regarding Prevention of Money Laundering Act, 2002 (PML

View answer

Consider the following statements:Statement-I:Debt Recovery Tribunals (DRTs) are special courts set up under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.Statement-II:Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 allows banks and financial institutions to recover secured debts from borrowers without needing to go to court initially.Which one of the following is correct in respect of the above statements?

View answer

Despite the best efforts of those responsible for preventing fraud, one inevitable reality remains: “fraud happens.” Because fraud and misconduct can occur at various levels in any organization, it is essential that appropriate preventive and detective techniques are in place. Although fraud prevention and detection are related concepts, they are not the same. While prevention encompasses policies, procedures, training, and communication, detection involves activities and programs designed to identify fraud or misconduct that is occurring or has occurred. Although preventive measures cannot ensure that fraud will not be committed, they are the first line of defence in minimizing fraud risk. One key to prevention is making personnel throughout the organization aware of the fraud risk management program, including the types of fraud and misconduct that may occur. This awareness should enforce the notion that all of the techniques established in the program are real and will be enforced. The ongoing communication efforts could provide information on the potential disciplinary, criminal, and civil actions that the organization could take against the individual. With this in mind, prevention and deterrence are interrelated concepts. If effective preventive controls are in place, working, and well-known to potential fraud perpetrators, they serve as strong deterrents to those who might otherwise be tempted to commit fraud. Fear of getting caught is always a strong deterrent. Effective preventive controls are, therefore, strong deterrence controls.According to the passage, what is the fundamental difference between fraud prevention and fraud detection?

View answer

Consider the following statements:Statement-I:The National Green Tribunal (NGT) has directed the Central Pollution Control Board (CPCB) to provide a new report concerning the generation and management of electronic waste by various states and Union territories (UTs).Statement-II:The Central Pollution Control Board (CPCB) operates under the Water (Prevention and Control of Pollution) Act, 1974, and aims to promote the prevention, control, and reduction of water and air pollution throughout India.Which one of the following is correct in respect of the above statements?

View answer

Consider the following statements:Statement-I:The National Green Tribunal (NGT) has directed the Central Pollution Control Board (CPCB) to provide a new report concerning the generation and management of electronic waste by various states and Union territories (UTs).Statement-II:The Central Pollution Control Board (CPCB) operates under the Water (Prevention and Control of Pollution) Act, 1974, and aims to promote the prevention, control, and reduction of water pollution throughout India.Which one of the following is correct in respect of the above statements?

View answer

Top Courses for UPSCView all

Current Affairs & Hindu Analysis: Daily, Weekly & Monthly

Lucent for GK

History for UPSC CSE

Indian Polity for UPSC CSE

CSAT Preparation

Top Courses for UPSC

View all

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?

Share with a Friend

Answer this doubt

Question Description
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? 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 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? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.

Solutions for 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? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.

Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of 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?, a detailed solution for 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? has been provided alongside types of 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? theory, EduRev gives you an ample number of questions to practice 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? tests, examples and also practice UPSC tests.

Explore Courses for UPSC exam