Under the Prevention of Money-laundering Act, 2002, which of the following is true?
"Property" in section 2(1)(v) means assets of every description, "movable or immovable, tangible or intangible", so section 3 applies to proceeds of crime in any form. The…
Choose your answer
Under the Prevention of Money-laundering Act, 2002, which of the following is true?
Answer and explanation
Correct answer B
"Property" in section 2(1)(v) means assets of every description, "movable or immovable, tangible or intangible", so section 3 applies to proceeds of crime in any form. The one-crore figure belongs to Part B scheduled offences under section 2(1)(y), not to section 3.