The purpose of Section 12AA of the Prevention of Money Laundering Act, 2002 is primarily to-
Section 12AA requires verification, examination of sources of funds and recording of purpose before each specified transaction, and closer monitoring of suspicious ones.…
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The purpose of Section 12AA of the Prevention of Money Laundering Act, 2002 is primarily to-
Answer and explanation
Correct answer D
Section 12AA requires verification, examination of sources of funds and recording of purpose before each specified transaction, and closer monitoring of suspicious ones. Confiscation, trial and summons are powers of other authorities under Chapters III, V and VII.