Law Anti Money Laundering Act 2010 Test

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Question 1

1. Which section of the Act defines the “offence of money laundering”?

Question 2

2. What does “STR” stand for under the Act?

Answer

Secure Transaction Report

Answer

Standard Transaction Report

Answer

Systematic Transaction Report

Answer

Suspicious Transaction Report

Question 3

3. Money laundering offences are triable by which court?

Answer

Military Court

Answer

Sessions Court

Answer

Banking Court

Answer

Civil Court

Question 4

4. Which section declares AML offences as cognizable and non-bailable?

Answer

Section 19

Answer

Section 18

Answer

Section 23

Answer

Section 21

Question 5

5. Which body is responsible for Pakistan’s FATF compliance?

Answer

NEC (National Executive Committee)

Question 6

6. What is the punishment for money laundering under the AML Act?

Answer

Minimum 1 year, extendable up to 10 years, plus fine

Answer

Life imprisonment

Answer

6 months imprisonment

Answer

Only fine of 1 million rupees

Question 7

7. What is the minimum record retention period for financial institutions under AML Act?

Question 8

8. What is the primary objective of the AML Act, 2010?

Answer

To control inflation

Answer

To regulate trade disputes

Answer

To prevent laundering of money and financing of terrorism

Answer

To manage stock exchanges

Question 9

9. Which section deals with international cooperation for AML matters?

Answer

Section 16

Answer

Section 25

Answer

Section 15

Answer

Section 21

Question 10

10. Who is the “investigating agency” under the AML Act?

Answer

FIA, NAB, ANF, and others notified by government

Question 11

11. What is the punishment for tipping-off?

Answer

Only fine of 500,000 rupees

Answer

Up to 5 years imprisonment or 2 million rupees fine

Answer

1 year imprisonment

Answer

Dismissal from job only

Question 12

12. The Anti-Money Laundering Act, 2010 extends to:

Answer

The whole of Pakistan

Answer

Punjab only

Answer

Federal territory only

Answer

Sindh and Balochistan only

Question 13

13. What is the minimum imprisonment for money laundering offence?

Question 14

14. Who may appoint investigating officers under the AML Act?

Answer

Supreme Court

Answer

Parliament

Answer

Federal or Provincial Governments

Question 15

15. Which committee oversees national AML/CFT policy?

Answer

Standing Committee on Law

Answer

National Executive Committee

Answer

Cabinet Committee on Finance

Answer

Economic Coordination Committee

Question 16

16. Which entity is responsible for receiving Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs)?

Answer

State Bank of Pakistan

Answer

Financial Monitoring Unit (FMU)

Question 17

17. What is the punishment for vexatious search without permission?

Answer

Dismissal from service

Answer

Up to 2 years imprisonment or 50,000 rupees fine

Answer

Up to 5 years imprisonment

Question 18

18. Which schedule of the AML Act lists predicate offences?

Answer

Second Schedule

Answer

First Schedule

Answer

Third Schedule

Answer

Fourth Schedule

Question 19

19. What is “CDD” in AML compliance?

Answer

Cash Deposit Details

Answer

Currency Data Documentation

Answer

Customer Due Diligence

Answer

Compliance Data Directive

Question 20

20. What is the minimum fine for individuals convicted of money laundering?

Answer

1 million rupees

Answer

100,000 rupees

Answer

500,000 rupees

Answer

5 million rupees

Question 21

21. Which section provides appeal against orders under the AML Act?

Answer

Section 25

Answer

Section 27

Answer

Section 23

Answer

Section 21

Question 22

22. Which section allows provisional attachment of property involved in money laundering?

Answer

Section 10

Question 23

23. Which section empowers the court to appoint a receiver for attached property?

Answer

Section 11

Answer

Section 10

Question 24

24. Which section empowers FMU to call for additional information from reporting entities?

Answer

Section 7A

Answer

Section 6(4)

Question 25

25. Which agency regulates AML compliance for insurance companies?

Answer

State Bank of Pakistan

Question 26

26. What is the function of the National Executive Committee under the AML Act?

Answer

Collect STRs and CTRs

Answer

Regulate private banks

Answer

Conduct criminal trials

Answer

Formulate AML/CFT policies and supervise implementation

Question 27

27. Who heads the Financial Monitoring Unit (FMU)?

Answer

Governor SBP

Answer

Director General FMU

Answer

Federal Minister for Finance

Answer

Secretary Finance

Question 28

28. Which authority can freeze property suspected of money laundering for 15 days?

Answer

Interior Ministry

Answer

FIA Director

Question 29

29. Which authority supervises AML obligations for exchange companies?

Answer

State Bank of Pakistan

Question 30

30. Which section of the Act allows appeal to High Court?

Answer

Section 25

Answer

Section 19

Answer

Section 20

Answer

Section 23

Question 31

31. What is the maximum fine for a legal person (company) involved in money laundering?

Answer

50 million rupees

Answer

25 million rupees

Answer

100 million rupees

Answer

10 million rupees

Question 32

32. Which section provides for freezing of property for 15 days by FMU?

Answer

Section 7(2)

Answer

Section 6(6)

Answer

Section 8(4)

Answer

Section 11(1)

Question 33

33. Which section criminalizes tipping-off customers about STRs?

Answer

Section 35

Answer

Section 32

Answer

Section 33

Answer

Section 34

Question 34

34. How long must reporting entities maintain records of STRs and CTRs?

Answer

Permanently

Question 35

35. Which type of offences are included as “predicate offences”?

Answer

Minor offences only

Answer

Only financial crimes

Answer

Offences listed in Schedule I of the Act

Answer

Civil wrongs

Question 36

36. Which section allows confiscation of property involved in money laundering?

Answer

Section 11

Answer

Section 12

Question 37

37. What is the maximum punishment for financing of terrorism under AML Act?

Answer

10 years imprisonment and fine

Answer

Life imprisonment

Question 38

38. What is the maximum fine for failure of a reporting entity to comply with AML requirements?

Answer

25 million rupees

Answer

5 million rupees

Answer

1 million rupees

Answer

10 million rupees

Question 39

39. Which year was the Anti-Money Laundering Act enacted in Pakistan?

Question 40

40. What is the punishment for failure to file STR?

Answer

Up to 5 years imprisonment or 500,000 rupees fine

Answer

10 years imprisonment

Answer

Warning letter

Question 41

41. Are money laundering offences bailable?

Answer

Yes, with magistrate’s approval

Answer

Yes, always

Answer

No, they are cognizable and non-bailable

Answer

Only for first-time offenders

Question 42

42. Who regulates AML obligations of banks?

Answer

State Bank of Pakistan

Question 43

43. What is the punishment for false reporting of STR to FMU?

Answer

1 year imprisonment

Answer

Up to 2 years imprisonment or fine of 500,000 rupees

Answer

5 years imprisonment

Question 44

44. Which section deals with investigation of money laundering offences?

Answer

Section 13

Answer

Section 11

Question 45

45. What is the maximum retention period for seized property?

Question 46

46. Which court has jurisdiction to try money laundering cases?

Answer

Sessions Courts

Answer

Civil Courts

Answer

Banking Courts

Answer

High Courts only

Question 47

47. How long can property be provisionally attached initially?

Question 48

48. Can reporting entities deal with anonymous or fictitious accounts?

Answer

Yes, for small amounts

Answer

Yes, with permission

Answer

No, strictly prohibited

Answer

Allowed for temporary business

Question 49

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Total Questions:	48
Time Allowed:	25 Minutes
Total Marks:	48
How to Attempt Test:	Please choose the right Option in MCQ-type question.
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Law Anti Money Laundering Act 2010 Test

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