2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under which act, government has formed Inter-Ministerial Co-ordination Committee (IMCC) headed by Mr Ajay Bhushan Pandey to check money laundering activities?
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Prevention of Money Laundering Act (PMLA)2005
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Prevention of Money Laundering Act (PMLA) 2006
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Prevention of Money Laundering Act (PMLA) 2003
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Prevention of Money Laundering Act (PMLA), 2002
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Explanation:
Detailed explanation-1: -The government has set up the IMCC using its powers conferred under the Prevention of Money Laundering Act, 2002.
Detailed explanation-2: -Secretaries of Department of Economic Affairs, Department of Financial Services, Ministry of Corporate Affairs, and Ministry of External Affairs. Chairman SEBI.
Detailed explanation-3: -In other words, Money Laundering refers to converting illegal earned money into legitimate money. The main objectives of the Prevention of Money Laundering Act, 2002 is to prevent money laundering as well as to provide for confiscation of property either derived from or involved in, money-laundering.
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