Q. Prevention of Money Laundering Act (PMLA) was enacted in which year?
Answer:
2002
Notes: The Indian government has expanded the scope of the Prevention of Money Laundering Act (PMLA), 2002 to include company establishment, property acquisition, and financial transactions carried out by chartered accountants, company secretaries, and cost and works accountants on behalf of their clients.
These professionals will be responsible for examining clients' sources of funds, ownership, and financial position, as well as recording the purpose of specified transactions. They will be held accountable under the PMLA if they assist in any transactions that violate the law.