Prevention of Money Laundering Act came into force from ________.

2002

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2005

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2006

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2007

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Solution

The correct option is C 2005
Money laundering is the act of transforming profits obtained from crime and corruption into legitimate profits. To prevent this ‘Prevention of Money Laundering Act’ was enacted. Though this act was enacted in the year 2002, it came into force with effect from July 1, 2005.

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Similar questions

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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