Which of the following statements is correct regarding Section 23 of the Prevention of Money Laundering…
PMLA s.23 presumes that the remaining inter-connected transactions form part of the laundering "unless otherwise proved to the satisfaction of the Adjudicating Authority or…
Choose your answer
Which of the following statements is correct regarding Section 23 of the Prevention of Money Laundering Act, 2002?
Answer and explanation
Correct answer C
PMLA s.23 presumes that the remaining inter-connected transactions form part of the laundering "unless otherwise proved to the satisfaction of the Adjudicating Authority or the Special Court". It is a rebuttable presumption that applies in adjudication under s.8 as well as at trial, so it neither waits for confiscation nor is limited to cash.