Another mandatory condition under Section 5(1) of the Prevention of Money Laundering Act, 2002 is that…
Section 5(1)(b) requires belief that the proceeds "are likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings…
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Another mandatory condition under Section 5(1) of the Prevention of Money Laundering Act, 2002 is that the proceeds of crime are likely to-
Answer and explanation
Correct answer B
Section 5(1)(b) requires belief that the proceeds "are likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings relating to confiscation". A creditor's sale, a fall in value or an ordinary mortgage is not the ground.