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% ?

Q: Answer-Under the amendments made to widen the scope of the Prevention of Money Laundering Act,the threshold...

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.