Which of the following is not covered under money-laundering as defined in the Prevention of…
Section 3 punishes activities connected with "proceeds of crime" as defined in section 2(1)(u), which by definition arise from a scheduled offence, so the legitimate…
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Which of the following is not covered under money-laundering as defined in the Prevention of Money-laundering Act, 2002?
Answer and explanation
Correct answer C
Section 3 punishes activities connected with "proceeds of crime" as defined in section 2(1)(u), which by definition arise from a scheduled offence, so the legitimate investment of a person's own lawfully earned money falls outside its scope, unlike concealment, use, or acquisition of tainted proceeds.