Question
Under the amendments made to widen the scope of the
Prevention of Money Laundering Act,the threshold of the shares relating to beneficial ownership has been reduced to _______ from 25% ?Solution
Explanation: The recent amendments made to the Prevention of Money Laundering Act have lowered the threshold for beneficial ownership to 10% of shares from the earlier 25%. Reporting entities such as banks and financial institutions are mandated to identify the beneficial owners where the client is acting on behalf of its beneficial owner.
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