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Money Laundering Techniques and Financing of Terrorism

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Money Laundering Techniques and Financing of Terrorism

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Questions and Answers

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

To report any suspicious financial transactions exceeding the prescribed limit to the Financial Intelligence Unit (correct)

To report only large cash transactions to the Financial Intelligence Unit

To report all financial transactions to the Financial Intelligence Unit

To report all transactions to the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism

What is the main goal of the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) counter measures?

To combat money laundering and terrorist financing at national, regional and international levels (correct)

To monitor and report all financial transactions

To increase the profit of banks and financial institutions

To create awareness about financial transactions

What is established under Section 19A of the FIAMLA?

National Committee for Anti-Money Laundering and Combating the Financing of Terrorism (correct)

Financial Intelligence Unit

Anti-Money Laundering and Combating Financing of Terrorism Committee

Independent Commission Against Corruption

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

The threshold for reporting suspicious financial transactions Signup and view all the answers

What is the role of the Financial Intelligence Unit in preventing money laundering and terrorist financing?

To receive and analyze reports of suspicious financial transactions Signup and view all the answers

What is the main focus of Section 14 of the FIAMLA 2002?

Outlining the duties of banks and financial institutions in preventing money laundering and terrorist financing Signup and view all the answers

What is the primary objective of the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) counter measures and strategies?

To combat money laundering and terrorist financing at national, regional and international levels Signup and view all the answers

What is the relationship between the Financial Intelligence Unit and the banks or financial institutions?

The banks or financial institutions report to the Financial Intelligence Unit Signup and view all the answers

What is the scope of the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) counter measures?

National, regional and international levels Signup and view all the answers

What is the purpose of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism?

To coordinate the efforts to prevent money laundering and terrorist financing Signup and view all the answers