Under Section 3 of PMLA, which of the following is NOT necessary for an act to constitute the offence of money-laundering?

Section 3 of PMLA defines the offence of money-laundering as: whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of money-laundering. The key element is projecting proceeds of crime (dirty money) as untainted (clean) property - not the reverse. Option B incorrectly states 'projecting untainted property as proceeds of crime,' which is the opposite direction and is not an offence under PMLA. Options A, C, D, and E all align correctly with the statutory definition. This is a frequently tested distinction in banking law exams.