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Money Laundering and Terrorism Financing

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Questions and Answers

What is the responsibility of banks and financial institutions according to the case of Beezadhur T v Independent Commission Against Corruption & Anor?

To seize assets related to money laundering
To investigate suspicious transactions
To report suspicious transactions exceeding the prescribed limit to the Financial Intelligence Unit (correct)
To freeze accounts of individuals suspected of money laundering

What is the purpose of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established under Section 19A of the FIAMLA?

To investigate and prosecute money laundering cases
To coordinate efforts to combat terrorist financing
To develop and implement AML/CFT counter measures and strategies (correct)
To provide training to financial institutions on AML/CFT

What is the focus of the AML/CFT counter measures and strategies used by the Financial Intelligence Unit?

Only combating money laundering
Combating both money laundering and terrorist financing (correct)
Only combating terrorist financing
Combating fraud and corruption

What is the prescribed limit related to in the case of Beezadhur T v Independent Commission Against Corruption & Anor?

A minimum amount for reporting suspicious transactions (D) Signup and view all the answers

In which section of the FIAMLA is the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established?

Section 19A (B) Signup and view all the answers

What is the primary purpose of the Financial Intelligence and Anti Money Laundering Act (FIAMLA) 2002?

To address the issue of money laundering specifically (D) Signup and view all the answers

What sections of the FIAMLA 2002 are specifically designed to safeguard the national and international financial system?

Sections 5, 6, and 8 (A) Signup and view all the answers

What is the definition of money laundering provided in the FIAMLA 2002?

Defined in Section 3 of the FIAMLA 2002 (D) Signup and view all the answers

What is the ultimate goal of the FIAMLA 2002, according to the Supreme Court?

To safeguard the national and international financial system (C) Signup and view all the answers

What is the significance of the FIAMLA 2002, according to the Supreme Court?

It is a key legislation combating money laundering (D) Signup and view all the answers

What is the relation between the FIAMLA 2002 and the FATF, IOSCO, and IAIS?

The FIAMLA 2002 is based on their standards (D) Signup and view all the answers

What is the maximum fine applicable for committing money laundering offences under the FIAMLA?

10 million rupees (A) Signup and view all the answers

According to the FIAMLA, what is the maximum term of penal servitude for money laundering offences?

20 years (B) Signup and view all the answers

What is the purpose of imposing a limit for cash transactions under the FIAMLA?

To monitor and control economic crime and money laundering (C) Signup and view all the answers

Which court has jurisdiction to try money laundering offences under the FIAMLA?

Intermediate Court (A) Signup and view all the answers

What happens to the property of a person convicted of money laundering offences under the FIAMLA?

It is deemed to be derived from a crime and may be forfeited (B) Signup and view all the answers

What is the purpose of the FIAMLA provision for forfeiture of property?

To deprive the offender of the benefits of crime (D) Signup and view all the answers

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