Prevention of Money Laundering Act — Prelims Questions

Which of the following statements regarding the Prevention of Money Laundering Act (PMLA), 2002, is/are correct? 1. The Enforcement Directorate (ED) is the primary agency responsible for enforcing PMLA. 2. Money laundering is defined as a standalone offense under PMLA, independent of the predicate offense. 3. The PMLA places a reverse burden of proof on the accused to prove that the property is not proceeds of crime. 4. The Supreme Court, in the Vijay Madanlal Choudhary case (2022), struck down the ED's power of arrest under PMLA.

Consider the following statements regarding 'Proceeds of Crime' under PMLA: 1. It refers only to property directly obtained from a scheduled offense. 2. The 2019 amendment expanded its definition to include property of equivalent value. 3. Property located outside India cannot be considered 'proceeds of crime' under PMLA.

Which of the following is NOT a 'reporting entity' as defined under the Prevention of Money Laundering Act (PMLA)?

Regarding the PMLA, 2002, consider the following statements: 1. The Adjudicating Authority's confirmation is required for a provisional attachment order to continue beyond 180 days. 2. The PMLA allows for mutual legal assistance with foreign countries for investigation and confiscation of assets. 3. The burden of proving that the property is not proceeds of crime lies on the prosecution.

Which of the following amendments to PMLA made money laundering a standalone offense, independent of the predicate offense?