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Consider the following statements regarding the Prevention of Money Laundering Act (PMLA):
1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.
2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.
3. The PMLA establishes Special Courts to adjudicate offenses under the Act.
Which of the statements given above is/are correct?
1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.
2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.
3. The PMLA establishes Special Courts to adjudicate offenses under the Act.
Which of the statements given above is/are correct?
- a)1 Only
- b)1 and 2 Only
- c)1 and 3 Only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Prevention of Money L...
Statement 1 is correct. The Prevention of Money Laundering Act requires banking companies, financial institutions, and intermediaries to verify and maintain records of their clients' identities and all transactions. This is a measure to prevent money laundering by ensuring that all financial activities are traceable and legitimate.
Statement 2 is incorrect. Section 45 of the PMLA does not allow for bail without conditions. In fact, it imposes strict conditions for granting bail, including that the court must have reasonable grounds to believe that the accused is not guilty (prima facie innocence) and that the accused will not commit further offenses if released. These conditions make bail under PMLA quite stringent.
Statement 3 is correct. The PMLA establishes Special Courts to adjudicate offenses under the Act. These courts are designated to handle cases of money laundering specifically, ensuring that they are dealt with by judges who are familiar with the complexities of such financial crimes.
Therefore, the correct statements are 1 and 3, making Option C the correct answer.
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Consider the following statements regarding the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
Question Description
Consider the following statements regarding the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct 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 the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct 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 the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct 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 the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct 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 the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements regarding the Prevention of Money Laundering Act (PMLA):1. The Prevention of Money Laundering Act mandates that banking companies, financial institutions, and intermediaries verify and maintain records of their clients' identities and all transactions.2. Section 45 of the PMLA allows for bail without the need for the court to establish the accused's presumed innocence or their likelihood to refrain from further offenses.3. The PMLA establishes Special Courts to adjudicate offenses under the Act.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)1 and 3 Onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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