Under the Prevention of Money-laundering Act, 2002, which of the following is true about claiming…
Claiming proceeds "as untainted property" is listed in the Explanation to section 3 as an independent process, so a knowing claim is enough even if the claimant does not…
Choose your answer
Under the Prevention of Money-laundering Act, 2002, which of the following is true about claiming proceeds as untainted?
Answer and explanation
Correct answer C
Claiming proceeds "as untainted property" is listed in the Explanation to section 3 as an independent process, so a knowing claim is enough even if the claimant does not hold the property and even if the claim fails. "Property" in section 2(1)(v) covers immovable as well as movable assets.