BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Primary Money Launching Authority
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Preventing Money Launching Act
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Promoting Money Laundering Act
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Prevention of Money Laundering Act
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Detailed explanation-1: -PREVENTION OF MONEY-LAUNDERING ACT, 2002. 2.12. Adjudicating authorities, composition, powers, etc. 6. (1) The Central Government shall, by notification, appoint one or more Adjudicating Authorities to exercise jurisdiction, power and authority con-ferred by or under this Act.
Detailed explanation-2: -Prevention of Money Laundering Act is a criminal law of the Parliament of India passed by the NDA government in 2002 to prevent money laundering and confiscate property derived from the laundered money. PMLA became law and came into force on July 1, 2005.
Detailed explanation-3: -It is a criminal law enacted to prevent money laundering and to provide for confiscation of property derived from, or involved in, money-laundering and related matters. It forms the core of the legal framework put in place by India to combat Money Laundering.
Detailed explanation-4: -It came on the Statute Book as THE PREVENTION OF MONEY-LAUNDERING ACT, 2002 (15 of 2003) (Came into force on 1-7-2005). LIST OF AMENDING ACTS 1. The Prevention of Money-Laundering (Amendment) Act, 2005 (20 of 2005) (w.e.f. 1-7-2005). 2.