Section 17 of the Prevention of Money Laundering Act, 2002 powers can be exercised when the officer has-
Section 17(1) requires the Director or authorised officer to have, on information in his possession, "reason to believe (the reason for such belief to be recorded in…
Choose your answer
Section 17 of the Prevention of Money Laundering Act, 2002 powers can be exercised when the officer has-
Answer and explanation
Correct answer A
Section 17(1) requires the Director or authorised officer to have, on information in his possession, "reason to believe (the reason for such belief to be recorded in writing)" that a person has committed money-laundering or holds proceeds of crime, records or property related to crime. Suspicion or oral tips without recorded reasons do not suffice.