______ Act aims to curb money laundering in India?

PMLA

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SEBI Act

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Solution

The correct option is A PMLA
 Prevention of Money-Laundering Act, 2002 (PMLA) forms the core of the legal framework put in place by India to combat Money Laundering.The provisions of this act are applicable to all financial institutions, banks(Including RBI), mutual funds, insurance companies, and their financial intermediaries.

PMLA (Amendment) Act, 2012 adds the concept of ‘reporting entity’ which would include a banking company, financial institution, intermediary etc. PMLA, 2002 levied a fine up to Rs 5 lakh, but the amendment act has removed this upper limit.It has provided for provisional attachment and confiscation of property of any person involved in such activities.

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Similar questions

Prevention of Money Laundering Act came into force from ________.

Q45) India and United States (US) signed Inter Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA)

1) The agreement will promote transparency on tax matters between the two countries.

2) FATCA is an Indian Act to curb money laundering

Which of the above statement(s) is/ are correct?

Q8. Consider the following statements:

1. The Prevention of Money Laundering Act (PMLA) is not a predicate-offence-oriented law.

2. A predicate offence is an offence whose earnings may become the subject of any of the money-laundering offences established under the Convention.

Which of the above statements are correct?

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