Money Laundering Process — Prelims Questions

Which of the following statements correctly describes the 'placement' stage of money laundering?

Consider the following statements regarding the Prevention of Money-Laundering Act (PMLA), 2002: 1. Money laundering is defined as a standalone offense under PMLA. 2. The Act places the burden of proof on the Directorate of Enforcement (ED) to prove the illicit origin of funds. 3. 'Scheduled offenses' under PMLA include only crimes listed in the Indian Penal Code (IPC). Which of the statements given above is/are correct?

Which of the following techniques is most commonly associated with the 'layering' stage of money laundering? (A) Smurfing (B) Commingling cash with legitimate business revenue (C) Using shell companies and offshore accounts (D) Purchasing luxury assets with laundered funds

With reference to money laundering, consider the following statements: 1. The Hawala system is primarily used for the integration stage of money laundering. 2. Cryptocurrency mixers are a technique used in the layering stage of digital money laundering. 3. Trade-Based Money Laundering (TBML) involves manipulating import/export transactions. Which of the statements given above is/are correct?

Which of the following bodies is responsible for setting international standards to combat money laundering and terrorist financing?