Objectives of the Prevention of Money Laundering Act, 2002 is to:
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Question 2 of 30
2. Question
1 points
Category: Corporate& Economic,Allied Laws
Money Laundering is a-
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Question 3 of 30
3. Question
1 points
Category: Corporate& Economic,Allied Laws
The process of money laundering involves three stages. Choose the correct answer as to sequence of the stages generally occurs:
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Question 4 of 30
4. Question
1 points
Category: Corporate& Economic,Allied Laws
The process of money laundering involves three stages, placement, layering and integration. Which of the following activity forms part of placement stage?
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Question 5 of 30
5. Question
1 points
Category: Corporate& Economic,Allied Laws
The process of money laundering involves three stages, placement, layering and integration. Which of the following activity forms part of layering stage?
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Question 6 of 30
6. Question
1 points
Category: Corporate& Economic,Allied Laws
The process of money laundering involves three stages, placement, layering and integration. Which of the following activity forms part of Integration stage?
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Question 7 of 30
7. Question
1 points
Category: Corporate& Economic,Allied Laws
In which stage of Money Laundering, several transactions are done to remove the trace of money?
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Question 8 of 30
8. Question
1 points
Category: Corporate& Economic,Allied Laws
In which stage, illegitimate money comes back to the mainstream economy as a legitimate money?
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Question 9 of 30
9. Question
1 points
Category: Corporate& Economic,Allied Laws
Under the Provisions of Prevention of Money Laundering Act, 2002, the offences specified under Part B of the Schedule will be considered as scheduled offence, if the total value involved in such offences is-
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Question 10 of 30
10. Question
1 points
Category: Corporate& Economic,Allied Laws
As per Sec. 4 of the Prevention of Money Laundering Act, 2002, whoever commits the offence of money-laundering, where the proceeds of crime involved in money-laundering relates to any offence specified under paragraph 2 of Part A of the Schedule, shall be punishable with
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Question 11 of 30
11. Question
1 points
Category: Corporate& Economic,Allied Laws
Z, a known smuggler was caught in transfer of funds illegally exporting narcotic drugs from India to some countries in Africa. State the maximum punishment that can be awarded ti him under Prevention of Money Laundering Act, 2002.
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Question 12 of 30
12. Question
1 points
Category: Corporate& Economic,Allied Laws
Sohan Lal, a farmer, was found involved in embezzlement of opium cultivated by him. State the punishment that can be awarded to him under the Prevention of Money Laundering Act, 2002.
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Question 13 of 30
13. Question
1 points
Category: Corporate& Economic,Allied Laws
Mr. Honest, a notorious, was caught in possession of Counterfeit Currency Notes, an offence specified under Part A – Paragraph 1 of the schedule of the Prevention of Money Laundering Act, 2002. State the punishment that can be awarded ti him under the above Act.
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Question 14 of 30
14. Question
4 points
Category: Corporate& Economic,Allied Laws
Ali was asigned by Mr. X to deliver counterfeit currency-notes to one of his close friends to Hongkong for which hefty commission was fixed by the Mr. X. Advise, whether the said act can be considered as money laundering. Who shall be liable for the Commission of the money Laundering under the provisions of Prevention of Money Laundering Act, 2002?
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Question 15 of 30
15. Question
1 points
Category: Corporate& Economic,Allied Laws
As per the provisions of which act all financial institutions have to maintain a record for all form of transactions?
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Question 16 of 30
16. Question
1 points
Category: Corporate& Economic,Allied Laws
As per provisions of Sec. 12 of Prevention of Money Laundering Act, 2002, every reporting entity shall maintain a record of ll transactions, in such manner as to enable it to reconstruct individual transactions. Such records shall be maintained for a period of ________.
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Question 17 of 30
17. Question
1 points
Category: Corporate& Economic,Allied Laws
As per Sec. 12 of the provisions of Prevention of Money Laundering Act, 2002, every reporting entity shall maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. Such records shall be maintained for a period of _________.
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Question 18 of 30
18. Question
1 points
Category: Corporate& Economic,Allied Laws
“Manav Kalyan”‘ a charitable organization, opened a current account with M/s ABZ Bank on 1st July, 2014. This account was closed on 30th June, 2018. Referring to the obligation of banking companies under the Prevention of Money Laundering Act, 2002, specify the period upto which the said bank has to maintain records relating to the account of Manav Kalyan”.
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Question 19 of 30
19. Question
1 points
Category: Corporate& Economic,Allied Laws
As per Sec. 12 of the provisions of Prevention of Money Laundering Act, 2002, if at any stage of inquiry or any other proceedings before him, the Director having regard to the nature and complexity of the case, is of the opinion that it is necessary to do so, he may direct the concerned reporting entity to get its records, as may be specified, audited by
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Question 20 of 30
20. Question
1 points
Category: Corporate& Economic,Allied Laws
As per Section 13 of the provisions of Prevention of Money Laundering Act, 2002, if the Director, in the course of any inquiry, finds that a reporting entity or its designated director on the Board or any of its employees has failed to comply with the obligations, then, without prejudice to any other action that may be taken under any other provisions of this Act, he may
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Question 21 of 30
21. Question
1 points
Category: Corporate& Economic,Allied Laws
The Appellate Tribunal foe hearing appeals against the orders of the Adjudicating Authority and the other authorities under Prevention of Money Laundering Act, 2002 shall be:
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Question 22 of 30
22. Question
1 points
Category: Corporate& Economic,Allied Laws
Every appeal under the provisions of Prevention of Money Laundering Act, 2002 shall be filed within a period of ______ from the date on which a copy of the order made by the Adjudicating Authority or Director is received and it shall be in such form and be accompanied by such fee as may be prescribed.
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Question 23 of 30
23. Question
1 points
Category: Corporate& Economic,Allied Laws
The appeal filed before the Appellate Tribunal under the provisions of Prevention of Money Laundering Act, 2002 shall be dealt with by it as expeditiously as possible and endeavor shall be made by it to dispose of the appeal finally within _______ from the date of filing of the appeal.
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Question 24 of 30
24. Question
1 points
Category: Corporate& Economic,Allied Laws
An Appellate Tribunal consisting of two members was formed to hear the appeal preferred by Mr. Hari, being aggrieved by an order made by the Adjudicating Authority under the Prevention of Money Laundering Act, 2002. Two members of the Bench differ in their opinion on a particular point referred in the appeal. The next course of action to be followed by the Bench members will be-
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Question 25 of 30
25. Question
1 points
Category: Corporate& Economic,Allied Laws
Special Court constituted under the provisions of Prevention of Money Laundering Act, 2002 can direct the release of _______ on bail.
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Question 26 of 30
26. Question
1 points
Category: Corporate& Economic,Allied Laws
Special Court constituted under the provisions of Prevention of Money Laundering Act, 2002 can direct the release of a person on bail who is accused either on his own or along with other co-accused of money-laundering a sum of ______.
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Question 27 of 30
27. Question
1 points
Category: Corporate& Economic,Allied Laws
Any authority or officer exercising powers under the provisions of Prevention of Money Laundering act, 2002 or any rules made there under, who, without reasons recorded in writing (a) searches or causes to be searched any building or place; or (b) detains or searched or arrests any person, shall for every such offence be liable on conviction
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Question 28 of 30
28. Question
1 points
Category: Corporate& Economic,Allied Laws
Any person will fully and maliciously give false information and so causing an arrest or a search to be made under the provisions of Prevention of Money Laundering Act, 2002 shall on conviction be liable
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Question 29 of 30
29. Question
1 points
Category: Corporate& Economic,Allied Laws
If any person, being legally bound to state the truth of any matter relating to an offence u/s 3 of the Prevention of money Laundering Act, 2002, refuses to answer any question put to him by an authority in the exercise of its powers under this Act, he shall
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Question 30 of 30
30. Question
1 points
Category: Corporate& Economic,Allied Laws
Where any fine or penalty imposed on any person u/s 13 or 63 of the Prevention of Money Laundering Act, 2002 is not paid within _______ from the day of imposition of fine or penalty, the Director or any other officer authorized by him in this behalf may proceed to recover the amount from the said person in the same manner as prescribed in _______.
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