17 Questions
What is the responsibility of banks and financial institutions according to the case of Beezadhur T v Independent Commission Against Corruption & Anor?
To report suspicious transactions exceeding the prescribed limit to the Financial Intelligence Unit
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 develop and implement AML/CFT counter measures and strategies
What is the focus of the AML/CFT counter measures and strategies used by the Financial Intelligence Unit?
Combating both money laundering and terrorist financing
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
In which section of the FIAMLA is the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism established?
Section 19A
What is the primary purpose of the Financial Intelligence and Anti Money Laundering Act (FIAMLA) 2002?
To address the issue of money laundering specifically
What sections of the FIAMLA 2002 are specifically designed to safeguard the national and international financial system?
Sections 5, 6, and 8
What is the definition of money laundering provided in the FIAMLA 2002?
Defined in Section 3 of the FIAMLA 2002
What is the ultimate goal of the FIAMLA 2002, according to the Supreme Court?
To safeguard the national and international financial system
What is the significance of the FIAMLA 2002, according to the Supreme Court?
It is a key legislation combating money laundering
What is the relation between the FIAMLA 2002 and the FATF, IOSCO, and IAIS?
The FIAMLA 2002 is based on their standards
What is the maximum fine applicable for committing money laundering offences under the FIAMLA?
10 million rupees
According to the FIAMLA, what is the maximum term of penal servitude for money laundering offences?
20 years
What is the purpose of imposing a limit for cash transactions under the FIAMLA?
To monitor and control economic crime and money laundering
Which court has jurisdiction to try money laundering offences under the FIAMLA?
Intermediate Court
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
What is the purpose of the FIAMLA provision for forfeiture of property?
To deprive the offender of the benefits of crime
Learn about the legal obligations of financial institutions in reporting suspicious transactions and the measures taken to combat money laundering and terrorism financing. Understand the role of the Financial Intelligence Unit and the AML/CFT counter measures. Test your knowledge on this critical topic!
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