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ANTI MONEY LAUNDERING, KYC RECORDS & AMENDMENTS IN FOREIGN TRADE POLICY
What is the primary objective of the Prevention of Money Laundering Act (PMLA), 2002?
PMLA aims to prevent money laundering and provide for confiscation and seizure of property obtained from laundered money, while obligating banks and financial institutions to maintain records and report suspicious transactions.
What is the penalty for money laundering under PMLA 2002?
Rigorous imprisonment of 3 to 7 years and fine.
Which authority is responsible for receiving and analyzing Suspicious Transaction Reports (STRs) in India?
The Financial Intelligence Unit – India (FIU-IND), under the Ministry of Finance, is the nodal agency responsible for receiving, processing, analyzing, and disseminating STRs and other financial intelligence reports.
Which court has jurisdiction to try offences under PMLA 2002?
Special Court designated by the Central Government.
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