Under the Prevention of Money-laundering Act, 2002, does "proceeds of crime" include equivalent…
Section 2(1)(u) provides that where property forming proceeds of crime is taken or held outside the country, the equivalent value of property held within the country, or…
Choose your answer
Under the Prevention of Money-laundering Act, 2002, does "proceeds of crime" include equivalent property held abroad?
Answer and explanation
Correct answer A
Section 2(1)(u) provides that where property forming proceeds of crime is taken or held outside the country, the equivalent value of property held within the country, or abroad, is also treated as proceeds of crime, so such equivalent-value property abroad is covered.