Under the Prevention of Money-laundering Act, 2002, the term "use" of proceeds includes:
As one of the independent processes listed in the Explanation to section 3, "use" of proceeds of crime is understood broadly to cover any personal utilisation of such…
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Under the Prevention of Money-laundering Act, 2002, the term "use" of proceeds includes:
Answer and explanation
Correct answer A
As one of the independent processes listed in the Explanation to section 3, "use" of proceeds of crime is understood broadly to cover any personal utilisation of such proceeds, not only banking operations, foreign transfers, or real estate transactions.