One of the major challenges the banking industry is facing these days is deliberate efforts of some people to bring money earned through illegal activities in circulation. Which of the following, acts has been passed to prevent this activity?

Payment and settlements act

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Banking regulation act prevention of money laundering act

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Prevention of money laundering act

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Narcotics and psychotropic substance act

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Solution

The correct option is B Prevention of money laundering act
Prevention of Money Laundering Act is Indian law passed in 2002 to prevent money laundering (the process of concealing illicit sources of money) and to provide for confiscation of property derived from money laundering.

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Similar questions

Prevention of Money Laundering Act came into force from ________.

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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