Under the Prevention of Money-laundering Act, 2002, does "beneficial owner" include a person exercising…
Section 2(1)(fa) expressly includes within "beneficial owner" a person who exercises ultimate effective control over a juridical person, so such control alone suffices…
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Under the Prevention of Money-laundering Act, 2002, does "beneficial owner" include a person exercising ultimate effective control over a juridical person?
Answer and explanation
Correct answer A
Section 2(1)(fa) expressly includes within "beneficial owner" a person who exercises ultimate effective control over a juridical person, so such control alone suffices without needing to be formally listed in company documents.