Under the Prevention of Money-laundering Act, 2002, which of the following statements is correct about…
The Explanation to section 3 lists "use" of proceeds of crime as a separate process, and "property" in section 2(1)(v) covers assets of every description. So any utilisation…
Choose your answer
Under the Prevention of Money-laundering Act, 2002, which of the following statements is correct about "use" of proceeds of crime?
Answer and explanation
Correct answer A
The Explanation to section 3 lists "use" of proceeds of crime as a separate process, and "property" in section 2(1)(v) covers assets of every description. So any utilisation of the proceeds counts, whether in cash or by cheque, in money or in land, and in India or abroad.