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PREVENTION OF MONEY LAUNDERING ACT
What is the full form of PMLA and when did it come into force?
PMLA stands for Prevention of Money Laundering Act; it was enacted in 2002 and came into force on 1st July 2005.
What year was the Prevention of Money Laundering Act enacted in India?
PMLA was enacted in the year 2002.
What are the three stages of money laundering as recognised under PMLA?
The three stages are Placement (introducing illegal funds into the financial system), Layering (concealing the trail through complex transactions), and Integration (merging the funds back into the legitimate economy).
What is the primary objective of PMLA?
To prevent money laundering and confiscate proceeds of crime.
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