Question
Consider the following statements regarding the role of Financial Intelligence Unit (FI
- U under PMLA: Statement 1: FIU receives Suspicious Transaction Reports and Currency Transaction Reports from financial institutions. Statement 2: FIU can share information with PMLA investigators and other law enforcement agencies. Statement 3: FIU reports are conclusive evidence of proceeds of crime. Statement 4: FIU is empowered to initiate suo moto investigations based on STRs. Which statements are correct?
Solution
FIU receives STRs and CTRs—Statement 1 is correct. FIU shares information with investigators—Statement 2 is correct. FIU initiates suo moto investigations—Statement 4 is correct. Statement 3 is incorrect—FIU reports are not conclusive; they initiate investigation. Statements 1, 2, and 4 are correct.
More Other Laws and Acts Questions
- Where is the headquarter of Bureau of Indian Standards (BIS) located?
- Provisions as to the Administration of Tribal Areas as to Assam, Meghalaya, Tripura and Mizoram is in which schedule of the Constitution of India?
- According to the Bharatiya Nyaya Sanhita, 2023 what does petty organized crime mean?
- A husband forces sexual intercourse upon his 20-year-old wife against her will. Under Section 63 Exception 2 of BNS, what is the legal position?
- In cases instituted otherwise than on police report, Section 267 requires the Magistrate to:
- Which of the following is not a valid defense in an action for tort?
- Where debentures are issued by a company, the company shall create a debenture redemption reserve account_______________
- Section 5 is titled as:
- The duration of House of People is_________________
- According to the principle of indemnification in partnership law, what obligation does a partner have if they commit fraud in the conduct of the firm's bus...
Relevant for Exams:
