BUISENESS MANAGEMENT
LEGAL ISSUES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money laundering is best described as
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the way the accountants balance the books
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discounts given to preferred customers
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pricing products incorrectly
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Detailed explanation-1: -Briefly described, “money laundering” is the process by which proceeds from a criminal activity are disguised to conceal their illicit origin.
Detailed explanation-2: -What Is Money Laundering? Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source.
Detailed explanation-3: -Money Laundering is called what it is because it perfectly describes what takes place – illegal or dirty money is put through a cycle of transactions, or washed, so that it comes out the other end as legal or clean money.
Detailed explanation-4: -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.