Which of the following best describes the power under Section 12A(1) of the Prevention of Money…
Section 12A(1) lets the Director "call for from any reporting entity" the records under ss.11A, 12(1) and 12AA(1) and any additional information he considers necessary.…
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Which of the following best describes the power under Section 12A(1) of the Prevention of Money Laundering Act, 2002?
Answer and explanation
Correct answer B
Section 12A(1) lets the Director "call for from any reporting entity" the records under ss.11A, 12(1) and 12AA(1) and any additional information he considers necessary. Monetary penalties are imposed under s.13, adjudication is under s.8, and confiscation follows an order under s.8(5) or (7).