Law Anti Money Laundering Act 2010 Test

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Question 1

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

Answer

Section 11

Answer

Section 12

Question 2

2. How long can property be provisionally attached initially?

Question 3

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

Answer

Section 6(4)

Answer

Section 7A

Question 4

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

Answer

Conduct criminal trials

Answer

Formulate AML/CFT policies and supervise implementation

Answer

Collect STRs and CTRs

Answer

Regulate private banks

Question 5

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

Answer

Only financial crimes

Answer

Civil wrongs

Answer

Offences listed in Schedule I of the Act

Answer

Minor offences only

Question 6

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

Answer

Section 21

Answer

Section 25

Answer

Section 23

Answer

Section 27

Question 7

7. Money laundering offences are triable by which court?

Answer

Sessions Court

Answer

Military Court

Answer

Civil Court

Answer

Banking Court

Question 8

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

Answer

Federal territory only

Answer

The whole of Pakistan

Answer

Punjab only

Answer

Sindh and Balochistan only

Question 9

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

Answer

Section 25

Answer

Section 15

Answer

Section 21

Answer

Section 16

Question 10

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

Question 11

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

Question 12

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

Answer

Suspicious Transaction Report

Answer

Secure Transaction Report

Answer

Systematic Transaction Report

Answer

Standard Transaction Report

Question 13

13. 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 14

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

Answer

Section 21

Answer

Section 18

Answer

Section 19

Answer

Section 23

Question 15

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

Answer

Permanently

Question 16

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

Answer

First Schedule

Answer

Fourth Schedule

Answer

Second Schedule

Answer

Third Schedule

Question 17

17. What is “CDD” in AML compliance?

Answer

Currency Data Documentation

Answer

Cash Deposit Details

Answer

Compliance Data Directive

Answer

Customer Due Diligence

Question 18

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

Answer

Only fine of 1 million rupees

Answer

Life imprisonment

Answer

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

Answer

6 months imprisonment

Question 19

19. What is the punishment for tipping-off?

Answer

Dismissal from job only

Answer

Up to 5 years imprisonment or 2 million rupees fine

Answer

Only fine of 500,000 rupees

Answer

1 year imprisonment

Question 20

20. Which authority supervises AML obligations for exchange companies?

Answer

State Bank of Pakistan

Question 21

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

Question 22

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

Answer

Section 10

Question 23

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

Answer

NEC (National Executive Committee)

Question 24

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

Answer

Section 10

Answer

Section 11

Question 25

25. Which committee oversees national AML/CFT policy?

Answer

Cabinet Committee on Finance

Answer

Economic Coordination Committee

Answer

Standing Committee on Law

Answer

National Executive Committee

Question 26

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

Answer

Yes, for small amounts

Answer

Allowed for temporary business

Answer

No, strictly prohibited

Answer

Yes, with permission

Question 27

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

Answer

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

Answer

5 years imprisonment

Answer

1 year imprisonment

Question 28

28. Who regulates AML obligations of banks?

Answer

State Bank of Pakistan

Question 29

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

Answer

Federal Minister for Finance

Answer

Governor SBP

Answer

Secretary Finance

Answer

Director General FMU

Question 30

30. Are money laundering offences bailable?

Answer

No, they are cognizable and non-bailable

Answer

Yes, always

Answer

Only for first-time offenders

Answer

Yes, with magistrate’s approval

Question 31

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

Answer

Section 34

Answer

Section 33

Answer

Section 32

Answer

Section 35

Question 32

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

Answer

25 million rupees

Answer

100 million rupees

Answer

10 million rupees

Answer

50 million rupees

Question 33

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

Answer

Section 8(4)

Answer

Section 11(1)

Answer

Section 7(2)

Answer

Section 6(6)

Question 34

34. 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 35

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

Answer

FIA, NAB, ANF, and others notified by government

Question 36

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

Answer

Up to 5 years imprisonment or 500,000 rupees fine

Answer

Warning letter

Answer

10 years imprisonment

Question 37

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

Answer

To regulate trade disputes

Answer

To manage stock exchanges

Answer

To prevent laundering of money and financing of terrorism

Answer

To control inflation

Question 38

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

Answer

Section 11

Answer

Section 13

Question 39

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

Answer

10 years imprisonment and fine

Answer

Life imprisonment

Question 40

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

Question 41

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

Answer

Section 20

Answer

Section 23

Answer

Section 19

Answer

Section 25

Question 42

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

Question 43

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

Answer

FIA Director

Answer

Interior Ministry

Question 44

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

Answer

Parliament

Answer

Supreme Court

Answer

Federal or Provincial Governments

Question 45

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

Answer

5 million rupees

Answer

1 million rupees

Answer

10 million rupees

Answer

25 million rupees

Question 46

46. Which agency regulates AML compliance for insurance companies?

Answer

State Bank of Pakistan

Question 47

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

Answer

High Courts only

Answer

Sessions Courts

Answer

Civil Courts

Answer

Banking Courts

Question 48

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

Answer

100,000 rupees

Answer

500,000 rupees

Answer

5 million rupees

Answer

1 million rupees

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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