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UPSC Exam  >  UPSC Tests  >  Test: Money Laundering and Black Money - UPSC MCQ

Test: Money Laundering and Black Money - UPSC MCQ


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10 Questions MCQ Test - Test: Money Laundering and Black Money

Test: Money Laundering and Black Money for UPSC 2024 is part of UPSC preparation. The Test: Money Laundering and Black Money questions and answers have been prepared according to the UPSC exam syllabus.The Test: Money Laundering and Black Money MCQs are made for UPSC 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Money Laundering and Black Money below.
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Test: Money Laundering and Black Money - Question 1
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What is the primary purpose of money laundering?

Detailed Solution for Test: Money Laundering and Black Money - Question 1

The primary purpose of money laundering is:

1. Making illegal money legal.

Money laundering involves the process of disguising the origins of illegally obtained money, typically by passing it through a complex sequence of banking transfers or commercial transactions, in order to make it appear legitimate. The ultimate goal is to integrate illicit funds into the legitimate financial system, thereby avoiding detection and legal repercussions.

Therefore, option 1, "Making illegal money legal," is the correct answer.

Test: Money Laundering and Black Money - Question 2
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Which of the following is NOT one of the three main steps in money laundering?

Detailed Solution for Test: Money Laundering and Black Money - Question 2
The three main steps in money laundering are placement, layering, and integration. Extraction is not one of these steps.
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Test: Money Laundering and Black Money - Question 3
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What is the estimated global scale of money laundering in relation to the world GDP, according to the IMF?

Detailed Solution for Test: Money Laundering and Black Money - Question 3
The IMF estimates that global money laundering is approximately 2 to 5% of the World GDP.
Test: Money Laundering and Black Money - Question 4
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Which form of money laundering involves transferring money through a series of transactions and bookkeeping tricks to conceal its source?
Detailed Solution for Test: Money Laundering and Black Money - Question 4
The form of money laundering that involves transferring money through a series of transactions and bookkeeping tricks to conceal its source is known as "smurfing."
Test: Money Laundering and Black Money - Question 5
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Which international organization monitors members' progress in applying measures to counter money laundering?
Detailed Solution for Test: Money Laundering and Black Money - Question 5
The Financial Action Task Force (FATF) monitors members' progress in applying measures to counter money laundering.
Test: Money Laundering and Black Money - Question 6
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Which impact is NOT associated with money laundering?
Detailed Solution for Test: Money Laundering and Black Money - Question 6
Money laundering can undermine the control of economic policy, so the correct answer is Option D.
Test: Money Laundering and Black Money - Question 7
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What is the primary purpose of the Vienna Convention?
Detailed Solution for Test: Money Laundering and Black Money - Question 7
The primary purpose of the Vienna Convention is to criminalize money laundering from drug trafficking.
Test: Money Laundering and Black Money - Question 8
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Which legislative framework in India forms the core of the legal framework to combat money laundering?
Detailed Solution for Test: Money Laundering and Black Money - Question 8
The Prevention of Money Laundering Act, 2002, forms the core of the legal framework in India to combat money laundering.
Test: Money Laundering and Black Money - Question 9
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What does the term "black money" refer to in economics?
Detailed Solution for Test: Money Laundering and Black Money - Question 9
In economics, "black money" refers to income that is unaccounted for tax purposes and may include both legally and illegally earned income.
Test: Money Laundering and Black Money - Question 10
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What was one of the primary aims of demonetization in India in 2016?
Detailed Solution for Test: Money Laundering and Black Money - Question 10
One of the primary aims of demonetization in India in 2016 was to counter corruption and counterfeit currency by invalidating high-denomination notes.
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