What is the main purpose of the Prevention of Money Laundering Act?
Understand the Problem
The question is asking about the main purpose of the Prevention of Money Laundering Act, which is a legislative framework aimed at combating money laundering activities. To answer it, we will identify the correct option that aligns with this purpose.
Answer
To prevent money laundering and provide for confiscation of laundered property.
The main purpose of the Prevention of Money Laundering Act is to prevent money laundering and to provide for the confiscation of property derived from, or involved in, money-laundering.
Answer for screen readers
The main purpose of the Prevention of Money Laundering Act is to prevent money laundering and to provide for the confiscation of property derived from, or involved in, money-laundering.
More Information
The Prevention of Money Laundering Act (PMLA) also aims to establish a framework for the investigation and prosecution of money laundering offenses.
Sources
- Prevention of Money Laundering Act, 2002 (PMLA) - FIU-India - fiuindia.gov.in
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