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Money Laundering Quiz

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Questions and Answers

Which of the following actions can lead to the offence of money laundering?

Acquiring property without knowing its origin

Concealing the true nature of property

Holding property on behalf of someone else

All of the above (correct)

What is required for a person to be guilty of the offence of money laundering?

Having knowledge that the property is proceeds of crime

Having reason to believe that the property is proceeds of crime (correct)

Acquiring property without any knowledge of its origin

Converting property without any knowledge of its origin

Which of the following is NOT an act specified in the offence of money laundering?

Acquiring property

Transferring property (correct)

Holding property on behalf of someone else

Concealing the true nature of property

In which section of the law is the offence of money laundering defined?

Section 03 a Signup and view all the answers

What is the punishment for the offence of money laundering?

Both fine and imprisonment Signup and view all the answers

What are the four actions that can lead to the offence of money laundering?

The four actions are acquiring, converting, possessing, and transferring property. Signup and view all the answers

What does it mean to conceal or disguise the true nature, origin, location, disposition, movement or ownership of property?

It means to hide or alter the information related to the property to make it difficult to trace its true origin or ownership. Signup and view all the answers

Can holding or possessing property on behalf of someone else be considered an offence of money laundering?

Yes, if the person knows or has reason to believe that the property is proceeds of crime. Signup and view all the answers

What types of participation can make a person guilty of the offence of money laundering?

Participating, associating, conspiring, attempting, aiding, abetting, facilitating, or counseling the commission of the specified acts. Signup and view all the answers

Is money laundering a punishable offence?

Yes, money laundering is a punishable offence. The punishment may vary depending on the jurisdiction and the severity of the crime. Signup and view all the answers