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Your results are here!! for" Prevention of Money Laundering Act (PMLA), 2002 "
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Question 1 of 10
1. Question
In which year was the Prevention of Money Laundering Act (PMLA) enacted?
Correct
The Prevention of Money Laundering Act was enacted in 2002.
Incorrect
The Prevention of Money Laundering Act was enacted in 2002.
Unattempted
The Prevention of Money Laundering Act was enacted in 2002.
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Question 2 of 10
2. Question
When did the Prevention of Money Laundering Act, 2002 come into effect?
Correct
The Act came into effect on July 1, 2005.
Incorrect
The Act came into effect on July 1, 2005.
Unattempted
The Act came into effect on July 1, 2005.
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Question 3 of 10
3. Question
Which of the following is a key objective of the PMLA?
Correct
PMLA is designed to prevent and control money laundering and provide for confiscation and seizure of property obtained through illegal means.
Incorrect
PMLA is designed to prevent and control money laundering and provide for confiscation and seizure of property obtained through illegal means.
Unattempted
PMLA is designed to prevent and control money laundering and provide for confiscation and seizure of property obtained through illegal means.
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Question 4 of 10
4. Question
What must banking companies, financial institutions, and intermediaries do under the PMLA as stated in the material?
Correct
The Act obliges these entities to verify client identities, maintain records, and submit information to FIU-IND.
Incorrect
The Act obliges these entities to verify client identities, maintain records, and submit information to FIU-IND.
Unattempted
The Act obliges these entities to verify client identities, maintain records, and submit information to FIU-IND.
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Question 5 of 10
5. Question
What are ‘proceeds of crime‘ under the provided material?
Correct
Proceeds of crime refer to property derived from criminal activity relating to a scheduled offence.
Incorrect
Proceeds of crime refer to property derived from criminal activity relating to a scheduled offence.
Unattempted
Proceeds of crime refer to property derived from criminal activity relating to a scheduled offence.
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Question 6 of 10
6. Question
What is the general imprisonment range stated for offences under PMLA?
Correct
The provided material states imprisonment from three to seven years, with up to ten years for offences related to narcotic drugs.
Incorrect
The provided material states imprisonment from three to seven years, with up to ten years for offences related to narcotic drugs.
Unattempted
The provided material states imprisonment from three to seven years, with up to ten years for offences related to narcotic drugs.
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Question 7 of 10
7. Question
For how long can property suspected to be proceeds of crime be temporarily attached, subject to confirmation by the Adjudicating Authority?
Correct
The material states that suspected proceeds of crime can be temporarily attached for 180 days, subject to confirmation by the Adjudicating Authority.
Incorrect
The material states that suspected proceeds of crime can be temporarily attached for 180 days, subject to confirmation by the Adjudicating Authority.
Unattempted
The material states that suspected proceeds of crime can be temporarily attached for 180 days, subject to confirmation by the Adjudicating Authority.
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Question 8 of 10
8. Question
Who determines whether attached or seized property is involved in money laundering?
Correct
The Adjudicating Authority determines whether attached or seized properties are involved in money laundering and is guided by natural justice.
Incorrect
The Adjudicating Authority determines whether attached or seized properties are involved in money laundering and is guided by natural justice.
Unattempted
The Adjudicating Authority determines whether attached or seized properties are involved in money laundering and is guided by natural justice.
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Question 9 of 10
9. Question
In which year was the Financial Intelligence Unit – India (FIU-IND) established?
Correct
According to the provided material, FIU-IND was established in 2004.
Incorrect
According to the provided material, FIU-IND was established in 2004.
Unattempted
According to the provided material, FIU-IND was established in 2004.
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Question 10 of 10
10. Question
Who designates Special Courts for trial under the PMLA according to the provided material?
Correct
The Central Government, in consultation with the Chief Justice of the High Court, designates Special Courts for PMLA trials.
Incorrect
The Central Government, in consultation with the Chief Justice of the High Court, designates Special Courts for PMLA trials.
Unattempted
The Central Government, in consultation with the Chief Justice of the High Court, designates Special Courts for PMLA trials.