Anti Money Laundering Act 2010 MCQs

1. Question 1 of 200

   Who chairs the General Committee under Schedule III?

   A Secretary Finance B Secretary Interior C Director General FMU D Chairman NAB
2. Question 2 of 200

   Under Section 33(1), the fine for willful failure to file an STR or providing false information may extend to:

   A Rs. 100,000 B Rs. 500,000 C Rs. 1 million D Rs. 2 million
3. Question 3 of 200

   Section 12's protection for reporting entities was substantially revised/substituted by which amendment?

   A Anti-Money Laundering (Amendment) Act, 2015 B Anti-Money Laundering (Second Amendment) Act, 2020 C Original 2010 text, unchanged D Anti-Money Laundering (Amendment) Act, 2020 (Act XI)
4. Question 4 of 200

   After analysing STRs/CTRs, FMU disseminates necessary information/material, on a confidential basis, to:

   A The general public B The concerned investigating or prosecuting agencies C Foreign media outlets D Competing financial institutions
5. Question 5 of 200

   Besides imprisonment and fine, Section 4(1) also makes the convict liable to:

   A Community service B Forfeiture of property involved in money laundering or property of corresponding value C Suspension of citizenship D Mandatory public apology
6. Question 6 of 200

   The composition of the National Executive Committee is set out in:

   A Schedule I B Schedule II C Schedule III D Schedule IV
7. Question 7 of 200

   Under Section 42, the power to amend the Schedule to the Act (add, modify, or omit entries) rests with:

   A The Supreme Court B The Federal Government, by notification in the official Gazette C Provincial Assemblies jointly D The FMU independently
8. Question 8 of 200

   Under Section 35(1), no suit shall be brought to set aside or modify any proceeding/order made under the Act, and no prosecution/suit shall lie against the Federal Government, FMU or its officers for:

   A Any action whatsoever, even in bad faith B Anything done or intended to be done in good faith under the Act C Actions taken against foreign nationals only D Decisions of the Supreme Court
9. Question 9 of 200

   Under Section 7(1), every reporting entity must file Suspicious Transaction Reports (STRs) with:

   A The nearest police station B The FMU C The Supreme Court D SECP only
10. Question 10 of 200

    Under Section 20, where the predicate offence is triable by a court INFERIOR to the Court of Session, the predicate offence and the money laundering offence shall both be tried by:

    A The inferior court B The Court of Session C The Supreme Court D Whichever court the accused chooses
11. Question 11 of 200

    'CTR' refers to a report on:

    A Suspicious transactions B Currency transactions exceeding an amount specified by the National Executive Committee by Gazette notification C Cross-border trade remittances D Cheque truncation records
12. Question 12 of 200

    Under Section 32, the fine for vexatious survey/search without required Court permission may extend to:

    A Rs. 25,000 B Rs. 50,000 C Rs. 100,000 D Rs. 500,000
13. Question 13 of 200

    Under Section 40, the Director General, members of the NEC/General Committee, FMU officers, and investigating officers are deemed to be 'public servants' within the meaning of:

    A Section 21 of the Pakistan Penal Code, 1860 B Article 25 of the Constitution C Section 5 of the Civil Servants Act D Section 156 of the CrPC
14. Question 14 of 200

    Explanation-I to Section 3 provides that knowledge, intent or purpose may be inferred from factual circumstances in accordance with:

    A The Qanun-e-Shahadat Order, 1984 B The Code of Criminal Procedure, 1898 C The Contract Act, 1872 D The Evidence Act, 1872 (repealed)
15. Question 15 of 200

    Under Section 7C, a reporting entity must maintain a record of all transactions for a period of at least:

    A Five years following completion of the transaction B Ten years following completion of the transaction C Two years following completion of the transaction D Twenty years following completion of the transaction
16. Question 16 of 200

    Under Section 38(1), if a person against whom property has been attached dies or is adjudicated insolvent before preferring representation to the Court, that representation may be preferred/continued by:

    A No one; the case automatically abates B The legal representatives, official assignee, or official receiver, as the case may be C Only the informer D The FMU on the deceased's behalf
17. Question 17 of 200

    Which of the following is NOT among the functions of the National Executive Committee under Section 5(2)?

    A Making recommendations to the Federal Government on rules for effective implementation of the Act B Making recommendations on application of FATF countermeasures C Directly prosecuting money laundering cases before the Court D Approving/reviewing the national AML/CFT strategy
18. Question 18 of 200

    Under Section 29, where a warrant of arrest issued by a Pakistani Court is executed in a contracting State and the person is transferred, that person is dealt with in accordance with the procedure specified under:

    A Section 14 B Section 15 C Section 16 D Section 20
19. Question 19 of 200

    Which of the following is a power/function of FMU under Section 6(4)?

    A Receiving STRs and CTRs from reporting entities B Trying money laundering cases as a Court C Issuing arrest warrants directly D Amending the Act's Schedules
20. Question 20 of 200

    How many distinct clauses/acts constitute the 'offence of money laundering' under Section 3?

    A Two B Three C Four D Five
21. Question 21 of 200

    The 'investigating officer' under the Act is the officer nominated or appointed under:

    A Section 20 B Section 22 C Section 24 D Section 27
22. Question 22 of 200

    As per Explanation-II to Section 3, to prove the offence of money laundering:

    A A prior conviction for the respective predicate offence IS required B A prior conviction for the respective predicate offence is NOT required C Only a civil court decree is required D Only an FIA report is sufficient without trial
23. Question 23 of 200

    'Beneficial owner' under the Act refers to:

    A Only the registered shareholder of a company B The natural person who ultimately owns/controls a customer or exercises ultimate effective control over a legal person/arrangement C Any employee handling a transaction D The bank issuing the account
24. Question 24 of 200

    Under Section 37(1), where a legal person commits an offence, a person responsible for such commission is deemed guilty UNLESS he proves:

    A He was on leave that day B The contravention took place without his knowledge, or he exercised all due diligence to prevent it C He was not a shareholder D He reported it to the media afterward
25. Question 25 of 200

    Under Section 37(2), where an offence is committed by a legal person with the consent, connivance or knowledge of a director/manager/secretary/officer, that individual:

    A Is automatically exempt from liability B Is also deemed guilty and liable to be proceeded against and punished C Can only be fined, never imprisoned D Must resign but faces no legal action
26. Question 26 of 200

    Under Section 13(2), after completing a survey, the investigating officer must forward a report to the head of the concerned agency within:

    A 24 hours B 48 hours C 7 days D 15 days
27. Question 27 of 200

    Which of the following pairs correctly matches the amending Act with a change it made to the Anti-Money Laundering Act, 2010?

    A Act XXIII of 2015 - inserted Explanations I & II to Section 3 B Act XI of 2020 - substituted punishment figures in Sections 33/34/8 attachment periods C Act XXX of 2020 - inserted Sections 6A, 6B, 6C and 7A-7J D All of the above
28. Question 28 of 200

    Section 3(d) extends liability for money laundering to a person who:

    A Only physically transports cash B Participates in, associates, conspires, attempts, aids, abets, facilitates or counsels the acts in clauses (a)-(c) C Only reports the offence late D Only fails to file a CTR
29. Question 29 of 200

    Under Section 11(1), the Federal Government may appoint trustees and receivers to perform the functions of:

    A A Public Prosecutor B An Administrator C A Magistrate D An Auditor General
30. Question 30 of 200

    Under Section 17(3), on expiry of the retention period, seized property shall be returned to the person from whom it was seized UNLESS:

    A The property is cash B The Court permits retention beyond the said period C The investigating officer refuses to release it informally D Six months have not yet passed
31. Question 31 of 200

    Under Section 18(1), records seized under Sections 14 or 15 may be retained for an investigation for a period not exceeding:

    A 30 days B 60 days C 90 days D One year
32. Question 32 of 200

    What is the overall thematic focus that runs through Sections 3, 4, 8, 9, and 10 of the Act?

    A Banking license procedures B Defining and punishing money laundering, and attaching/forfeiting related property C Company incorporation D Tax collection procedures
33. Question 33 of 200

    Under the proviso to Section 11(3), where seized property is perishable, the Administrator may:

    A Only wait for a Court order regardless of decay B Sell it at once after reasonable notice to the Federal Government C Donate it to charity without notice D Destroy it immediately
34. Question 34 of 200

    The 'Director General' under the Act refers to the Director General of:

    A SECP B SBP C FMU, appointed under Section 6(3) D NAB
35. Question 35 of 200

    Under the proviso to Section 26(2), an agreement with a foreign country shall NOT be enforceable if it is prejudicial to:

    A The convenience of banks B Sovereignty, security, national interest or public order C The stock market index D Foreign exchange reserves alone
36. Question 36 of 200

    Under the proviso to Section 23, if the appellant was prevented by sufficient cause from filing within the initial period, the High Court may allow submission within a further period not exceeding:

    A 15 days B 30 days C 60 days D 90 days
37. Question 37 of 200

    Under Section 8(4), where immovable property is attached under Section 8(1), the person interested in its enjoyment:

    A Is barred from any enjoyment of the property B May continue enjoyment of the property, as nothing in the section prevents this C Must vacate it within 48 hours D Can only enjoy it after paying a security deposit
38. Question 38 of 200

    Under the proviso to Section 21(2), where the accused is a reporting entity, the investigating officer must, before filing a complaint, seek approval of the concerned AML/CFT regulatory authority, which must decide within:

    A 30 days B 45 days C 60 days D 90 days
39. Question 39 of 200

    Under Section 9A(1), the initial sixty-day period for using special investigation techniques may be extended by the Court by a further period of:

    A Thirty days B Sixty days C Ninety days D One hundred and eighty days
40. Question 40 of 200

    Under Section 24(2), the Federal Government may empower an officer to act as an investigating officer if he is not below:

    A BPS-16 of the Federal/Provincial Government B BPS-17 of the Federal/Provincial Government C BPS-18 of the Federal/Provincial Government D BPS-20 of the Federal/Provincial Government
41. Question 41 of 200

    Which of the following is a power of the AML/CFT regulatory authority under Section 6A(2)?

    A Licensing or registration of reporting entities B Trying criminal cases as a Court of Session C Amending the Constitution D Issuing currency notes
42. Question 42 of 200

    Who acts as Member/Secretary of the National Executive Committee?

    A Minister for Interior B Chairman SECP C Director General, FMU D Governor SBP
43. Question 43 of 200

    FMU makes regulations for ensuring receipt of STRs/CTRs from reporting entities:

    A Unilaterally, without any consultation B In consultation with AML/CFT regulatory authorities, with approval of the National Executive Committee C In consultation with the IMF D In consultation with the World Bank only
44. Question 44 of 200

    Under Section 9(3), where the investigating officer determines property is involved in money laundering, he must apply to the Court for an order:

    A Confirming attachment/retention of the property or record B Directly forfeiting the property without Court confirmation C Auctioning the property immediately D Releasing the property unconditionally
45. Question 45 of 200

    The Director General of FMU is required to be:

    A A retired judge B A financial sector specialist C A serving police officer D A member of Parliament
46. Question 46 of 200

    Under Section 9(1), the notice served must call upon the person to respond within a period of not less than:

    A Seven days B Fifteen days C Thirty days D Sixty days
47. Question 47 of 200

    The maximum fine for an individual convicted of money laundering under Section 4(1) may extend to:

    A Rs. 5 million B Rs. 10 million C Rs. 25 million D Rs. 50 million
48. Question 48 of 200

    Under the proviso to Section 22(2), a person is qualified for appointment as a Public Prosecutor under this Act if he has been in practice as an Advocate for not less than:

    A 3 years in a District Court B 5 years in a District Court C 7 years in a High Court D 10 years in a High Court
49. Question 49 of 200

    A person aggrieved by sanctions imposed under Section 6A(2)(h) may:

    A Only approach the Supreme Court directly B Prefer an appeal in the manner and within the period prescribed, to the authority prescribed C Have no remedy at all D Only complain to the media
50. Question 50 of 200

    'CDD' stands for and its obligations are set out in which section?

    A Customer Due Diligence; Section 7A B Corporate Data Disclosure; Section 8 C Client Documentation Duty; Section 9 D Currency Deposit Declaration; Section 6
51. Question 51 of 200

    Under Section 2, 'company' means:

    A Only a public listed company B Any body corporate and includes a firm or other association of individuals C Only a private limited company D A sole proprietorship
52. Question 52 of 200

    Who acts as the Chairman of the National Executive Committee?

    A Governor SBP B Minister for Finance or Adviser to the Prime Minister on Finance C Director General FMU D Chairman SECP
53. Question 53 of 200

    Under Section 7D(2), if performing the CDD process is reasonably believed to 'tip-off' the customer, the reporting entity shall:

    A Continue CDD regardless and inform the customer B Not pursue the CDD process and shall file an STR C Immediately close all accounts of the customer publicly D Report to the media instead of FMU
54. Question 54 of 200

    Under Section 27(1), before issuing a letter of request to a court/authority in a contracting State, the investigating officer requires:

    A No permission at all B The prior permission of the head of the investigating agency C Approval of the United Nations D Approval of the accused's lawyer
55. Question 55 of 200

    Under the overall scheme of the Act, which body is primarily responsible for POLICY-LEVEL recommendations, while another body handles OPERATIONAL oversight of FMU's budget and staffing?

    A National Executive Committee (policy) and General Committee (operational) B FMU (policy) and SECP (operational) C SBP (policy) and NAB (operational) D High Court (policy) and Court of Session (operational)
56. Question 56 of 200

    Section 7(5) provides that the provisions of Section 7 have effect:

    A Only if approved by the customer B Notwithstanding any obligation as to secrecy imposed by any other law or document C Only for public sector banks D Only during a declared financial emergency
57. Question 57 of 200

    Under Section 5(1), the Federal Government must constitute the National Executive Committee within how many days of commencement of the Act?

    A 15 days B 30 days C 60 days D 90 days
58. Question 58 of 200

    Under the Explanation to Section 23, for purposes of determining the appropriate 'High Court', where the Federal Government is the aggrieved party, the relevant High Court is that within whose jurisdiction:

    A The Federal Government's headquarters (Islamabad) is located, always B The respondent(s) ordinarily reside(s) or carries on business or personally works for gain C The offence was reported to police D The property is registered, regardless of residence
59. Question 59 of 200

    The Financial Monitoring Unit (FMU) is established by the Federal Government by notification, and may be housed:

    A Only within the Federal Board of Revenue B In SBP or any other place in Pakistan C Only within SECP D Only within NAB headquarters
60. Question 60 of 200

    A 'legal person' as defined in Section 2 includes:

    A Companies, associations, foundations, partnerships and societies B Only natural persons C Only sole proprietors D Government ministries only
61. Question 61 of 200

    Under Section 18(2), a person from whom records were seized is entitled to:

    A Obtain copies of the retained records B Nothing until the trial concludes C Only view them once in the presence of the officer D Destroy duplicate copies
62. Question 62 of 200

    Under the Explanation to Section 37, for a firm, the term 'director' means:

    A The senior-most employee B A partner in the firm C Only the managing partner D No equivalent exists for firms
63. Question 63 of 200

    Under Section 7(6), STRs required to be submitted by any person/entity to any investigating or prosecuting agency shall, on commencement of the Act, be submitted:

    A To any agency of the person's choice B Solely and exclusively to FMU, to the exclusion of all others C Directly to the High Court D To the Ministry of Finance
64. Question 64 of 200

    A 'business relationship' as defined in the Act means:

    A Any relationship between two companies B A professional or commercial relationship between a reporting entity and a customer to conduct a transaction, activity, or provide a service/product C Only a partnership deed D A marriage-based joint account arrangement
65. Question 65 of 200

    Under Section 14(1), before entering and searching a building, the officer must have reason to believe the person has committed an act of money laundering, or is in possession of:

    A Only cash exceeding Rs. 1 million B Property involved in money laundering, or a record useful for proceedings under the Act C Only foreign currency D Only gold and jewellery
66. Question 66 of 200

    The purpose of Section 12's 'safe harbour' protection is primarily to encourage reporting entities to:

    A Avoid filing STRs to protect customer privacy B File STRs/CTRs and cooperate without fear of liability for good-faith disclosures C Only cooperate with foreign regulators D Refuse cooperation with FMU
67. Question 67 of 200

    Under Section 7C, records of account files, business correspondence and CDD documents must be kept for at least five years following:

    A The date the account was opened B The termination of the business relationship C The date of the first transaction only D The date of incorporation of the customer company
68. Question 68 of 200

    The offence of money laundering under Section 3 is fundamentally linked to which other defined concept?

    A Fiscal offences B Proceeds of crime C Civil disputes D Matrimonial property
69. Question 69 of 200

    Under Section 5(2), the National Executive Committee must hold its meetings:

    A At least once a year B At least twice a year C At least quarterly D At least monthly
70. Question 70 of 200

    Under Section 7(4), reporting entities must keep and maintain all records related to STRs and CTRs for a period of at least:

    A Five years B Seven years C Ten years D Fifteen years
71. Question 71 of 200

    Under Section 25(2), the fine for a natural person's willful failure to provide assistance may extend to:

    A Rs. 100,000 B Rs. 500,000 C Rs. 1 million D Rs. 5 million
72. Question 72 of 200

    Which of the following best describes the purpose stated in the preamble of the Act?

    A Regulation of banking companies only B Prevention of money laundering, combating financing of terrorism, and forfeiture of related property C Taxation of unexplained income D Regulation of stock exchanges
73. Question 73 of 200

    Section 7B permits a reporting entity to:

    A Never delegate CDD to anyone B Rely on a third party to perform CDD in the prescribed manner C Skip CDD entirely for corporate clients D Perform CDD only through SECP
74. Question 74 of 200

    Under Section 7J(1), a person aggrieved by delay/failure of a reporting entity to complete CDD or establish a business relationship may file an appeal to the AML/CFT regulatory authority within:

    A 30 days B 60 days C 90 days D 120 days
75. Question 75 of 200

    Under Section 7I, contravention of provisions in Sections 7(1), 7(3)-7(6) and 7A-7H by a reporting entity may result in:

    A Sanctions as mentioned under clause (h) of Section 6A, as prescribed B Automatic imprisonment of all employees C Immediate dissolution of the entity D No consequence unless a Court convicts
76. Question 76 of 200

    As per Schedule II, who serves as Chairman of the National Executive Committee?

    A Minister for Interior B Minister for Finance or Adviser to the PM on Finance C Governor SBP D Chairman SECP
77. Question 77 of 200

    The Anti-Money Laundering Act, 2010 is officially designated as:

    A Ordinance No. VII of 2010 B Act No. VII of 2010 C Act No. XXX of 2010 D Act No. XXIII of 2010
78. Question 78 of 200

    Under Section 4(1), the minimum rigorous imprisonment for the offence of money laundering is:

    A 6 months B 1 year C 2 years D 3 years
79. Question 79 of 200

    Under Section 13(3), the investigating officer conducting a survey may do all of the following EXCEPT:

    A Place marks of identification on inspected records B Make an inventory of property checked or verified C Record statements of persons present relevant to proceedings D Immediately arrest any person present at the surveyed premises
80. Question 80 of 200

    Under Section 34(1), directors, officers, employees and agents of a reporting entity who file an STR/CTR are prohibited from disclosing to any person that:

    A The company made a profit that year B The transaction has been reported C The customer opened an account D Any public information already known
81. Question 81 of 200

    The National Executive Committee may delegate or assign its functions to:

    A Only the FMU B The General Committee or a sub-committee C Only SECP D Only a Provincial Government
82. Question 82 of 200

    Under Section 17(1), property seized under Section 14 or 15 may be retained for the purposes of investigation under Section 9 for a period not exceeding:

    A 30 days from seizure B 60 days from seizure C 90 days from seizure D 180 days from seizure
83. Question 83 of 200

    Under Section 8(3), an order of attachment ceases to have effect after expiry of the attachment period OR:

    A On the date of the finding made under Section 9(2), whichever is earlier B Only after 5 years regardless of findings C Never, unless appealed to the Supreme Court D After the accused pays a fine
84. Question 84 of 200

    During a survey under Section 13, the investigating officer may require any proprietor/employee present to:

    A Afford facility to inspect records and verify proceeds of crime B Immediately vacate the premises C Sign a confession D Pay an on-the-spot fine
85. Question 85 of 200

    Under Section 41(2), in relation to the Sales Tax Act 1990 and Federal Excise Act 2005, only specific sub-sections may be notified as predicate offences - this reflects the general principle that:

    A All tax offences are automatically predicate offences B The Act carves out narrow, specific fiscal predicate offences rather than treating all tax violations as money laundering triggers C Fiscal offences are entirely outside the Act's scope in all respects D Tax evasion is never a crime in Pakistan
86. Question 86 of 200

    Schedule I to the Act, referenced under the definition of 'predicate offence', primarily lists offences from which principal code/law (Section I of the Schedule)?

    A The Companies Act, 2017 B The Pakistan Penal Code, 1860 C The Contract Act, 1872 D The Sales Tax Act, 1990
87. Question 87 of 200

    FMU is authorized to cooperate with financial intelligence units of other countries and:

    A Make reciprocal arrangements to share, request and receive information B Only accept information but never share it C Only cooperate with SAARC countries D Refuse all international cooperation for sovereignty reasons
88. Question 88 of 200

    Under Section 7D(1), where a reporting entity is unable to complete CDD requirements, it must:

    A Proceed with the transaction anyway and file a report later B Not open the account/commence business relations/perform the transaction, and promptly consider filing an STR C Simply warn the customer verbally D Refer the matter to the police only
89. Question 89 of 200

    Under Section 1(2), the Anti-Money Laundering Act, 2010 extends to:

    A Only Islamabad Capital Territory B Only the Provinces C The whole of Pakistan D Federally Administered areas only
90. Question 90 of 200

    Under Section 4(2), if a legal person is convicted, which additional persons may also be punished?

    A Any shareholder regardless of involvement B Any director, officer or employee of the legal person who is also found guilty C Only the CEO automatically D No individual can be punished separately
91. Question 91 of 200

    Under Section 31, letters of request, summons or warrants transmitted to/from a contracting State shall be sent in such form and manner as specified by:

    A The United Nations Security Council B The Federal Government C INTERPOL D The IMF
92. Question 92 of 200

    Under Section 33(2), upon conviction of a reporting entity under Section 33, the concerned AML/CFT regulatory authority may additionally:

    A Do nothing further, as the fine is the only consequence B Revoke its license/registration or take other appropriate administrative action C Automatically dissolve the National Executive Committee D Transfer the entity's assets to FMU
93. Question 93 of 200

    Which section of the Act specifically empowers courts/investigating agencies to presume the genuineness of a signature on a public record found during survey or search?

    A Section 13 B Section 14 C Section 19 D Section 22
94. Question 94 of 200

    Under Section 6(2), the FMU has:

    A No decision-making authority; it merely forwards reports B Independent decision-making authority on day-to-day matters within its area of responsibility C Authority only over banking companies D Authority equal to the Supreme Court
95. Question 95 of 200

    Under Section 9(3A), the attachment/retention/seizure of property confirmed by the Court shall continue during the pendency of proceedings and shall become final:

    A Automatically after six months regardless of trial outcome B If it is proved in Court that the property is the property involved in money laundering C Only if the accused fails to appear D Only after Presidential assent
96. Question 96 of 200

    The term 'Court' as used throughout the Act is specified under:

    A Section 9 B Section 14 C Section 20 D Section 23
97. Question 97 of 200

    Under Section 32, an investigating officer who surveys or searches a building without prior Court permission (where required) shall be liable, on conviction, to imprisonment which may extend to:

    A One year B Two years C Five years D Ten years
98. Question 98 of 200

    Under Section 12, reporting entities and their officers (directors, CEO, CFO, employees, agents) are protected from civil, criminal or disciplinary proceedings for furnishing information required under the Act, PROVIDED the information was furnished:

    A For a fee B In good faith C Only after Court order D Only to foreign regulators
99. Question 99 of 200

    Under Section 6B, regulators specified in clause 1 of Schedule IV shall cooperate with foreign counterparts and make reciprocal arrangements which must be:

    A Kept purely verbal for confidentiality B Reduced to writing C Approved by Parliament each time D Published in a foreign newspaper
100. Question 100 of 200

     Which entity has overlapping but distinct roles: DG FMU can order a 15-day freeze (Section 6(6)), while a Court can confirm attachment up to 180+180 days (Section 8)?

     A This demonstrates a graduated system of urgent administrative freezing versus longer judicially-sanctioned attachment B There is no distinction; both are identical powers C Only the DG FMU can freeze property under the entire Act D Only the Court can freeze property; FMU has no such power
101. Question 101 of 200

     'Competent authorities' under the Act collectively means:

     A Only the FMU B Only the courts C The regulators, oversight bodies for SRBs, the FMU, and the investigating/prosecuting agencies D Only the National Executive Committee
102. Question 102 of 200

     Under Section 15(7), the investigating officer must, after searching a person, record:

     A Only a summary for internal file B The statement of the person searched in respect of records/property found or seized C Nothing, as records are optional D A public press release
103. Question 103 of 200

     Under Section 14(2), the power to search under Section 14(1) is exercisable by the investigating officer with:

     A No permission required at all B The prior permission of the Court C Only the permission of the reporting entity D Only a verbal instruction from a senior colleague
104. Question 104 of 200

     The Anti-Money Laundering Act, 2010 was enacted (assented) on:

     A 1st January, 2010 B 27th March, 2010 C 5th January, 2008 D 30th June, 2010
105. Question 105 of 200

     Under Section 7A(2), which of the following is a required CDD obligation of a reporting entity?

     A Identify the customer and verify identity using reliable, independent sources B Only ask for the customer's name verbally C Only verify identity for transactions above Rs. 10 million D CDD is optional for long-standing customers
106. Question 106 of 200

     Under Section 17(4), before authorizing retention beyond the initial period, the Court must satisfy itself that the property is:

     A Prima facie property involved in money laundering and required for investigation under Section 9 B Owned by a foreign national C Worth more than Rs. 1 million D Perishable in nature
107. Question 107 of 200

     Under the proviso to Section 20, where a predicate offence is triable by any court OTHER than the Court of Session, the money laundering offence and connected matters shall be tried by:

     A The Court of Session regardless B The Court trying the predicate offence C An arbitration tribunal D The High Court directly
108. Question 108 of 200

     The Director General of FMU is appointed by the Federal Government:

     A Independently without consultation B In consultation with SBP C In consultation with SECP only D By the National Assembly
109. Question 109 of 200

     The Explanation to Section 13(1) clarifies that a 'place' where the offence-constituting act is carried on also includes:

     A Only the registered office address B Any other place where the person states records/property relating to such act are kept C Only foreign jurisdictions D Only residential premises
110. Question 110 of 200

     Under the proviso to Section 10, where an encumbrance was created to defeat the Act's provisions, the Court may:

     A Ignore it as irrelevant B Declare such encumbrance or leasehold interest void C Automatically transfer it to the informer D Convert it into a government bond
111. Question 111 of 200

     Under Section 4(2), where the offender is a legal person, the fine may extend to:

     A Rs. 25 million B Rs. 50 million C Rs. 75 million D Rs. 100 million
112. Question 112 of 200

     Under Section 39(2), the Act's provisions are in addition to, and NOT in derogation of, which of the following laws?

     A Only the Pakistan Penal Code B The Anti-Narcotics Force Act 1997, Control of Narcotic Substances Act 1997, Anti-Terrorism Act 1997, and National Accountability Ordinance 1999 C Only the Companies Act D Only provincial rent laws
113. Question 113 of 200

     Under Section 9(2), before recording a finding on whether property is involved in money laundering, the investigating officer must:

     A Consider the reply (if any), hear the aggrieved person, and take into account relevant material B Act solely on the initial report without any hearing C Wait for a Supreme Court ruling D Consult only the media
114. Question 114 of 200

     The Director General of FMU exercises powers subject to the administrative oversight of:

     A The National Executive Committee B The General Committee C SECP D The Supreme Court
115. Question 115 of 200

     Under Section 3(c), holding or possessing property on behalf of another person while knowing/having reason to believe it is proceeds of crime constitutes:

     A Abetment only B An offence of money laundering C A civil wrong only D No offence unless profit is made
116. Question 116 of 200

     Under Section 39(1), the provisions of the Act have effect notwithstanding anything to the contrary in any other law, EXCEPT as provided in:

     A Section 39(2) B Section 40 C Section 41 D Section 46
117. Question 117 of 200

     Under Section 23, an appeal against a final decision or order of the Court lies to the High Court within:

     A 30 days B 45 days C 60 days D 90 days
118. Question 118 of 200

     Under Section 8(1), an investigating officer may provisionally attach property believed to be involved in money laundering only:

     A On his own authority without any permission B With prior permission of the Court C With permission of the local police station D With permission of the reporting entity
119. Question 119 of 200

     Sections 7A through 7J were collectively inserted into the Act by:

     A The original 2010 text B Anti-Money Laundering (Amendment) Act, 2015 C Anti-Money Laundering (Second Amendment) Act, 2020 D Anti-Money Laundering (Amendment) Act, 2020 (Act XI)
120. Question 120 of 200

     A predicate offence conviction, an offence of money laundering conviction, and a forfeiture order are conceptually related but legally distinct; which section confirms that a predicate offence conviction is NOT a precondition for an ML conviction?

     A Section 3, Explanation-II B Section 4 C Section 9 D Section 41
121. Question 121 of 200

     Under Section 34(2), violation of the tipping-off prohibition is punishable with imprisonment up to five years or a fine extending to:

     A Rs. 500,000 B Rs. 1 million C Rs. 2 million D Rs. 5 million
122. Question 122 of 200

     Under Section 14(4), where evidence obtained during a survey under Section 13 is likely to be concealed or tampered with, the investigating officer may:

     A Do nothing until a fresh Court order is obtained after a week B Enter and search the place and seize the evidence, for reasons recorded in writing C Only issue a verbal warning D Wait for the next scheduled survey
123. Question 123 of 200

     'AML/CFT' as defined in Section 2 stands for:

     A Anti Money Laundering and Countering Financing of Terrorism B Asset Management and Legal Compliance Framework C Anti Malpractice and Corporate Fraud Tribunal D Authorized Monetary and Currency Framework
124. Question 124 of 200

     Under Section 21(1)(a), offences punishable under the Act are:

     A Non-cognizable and bailable B Cognizable and non-bailable C Cognizable and bailable D Non-cognizable and non-bailable
125. Question 125 of 200

     As per Schedule III, who serves as Chairman of the General Committee?

     A Secretary Finance B Secretary Interior C Chairman NAB D Director General FMU
126. Question 126 of 200

     Section 6B deals with:

     A Domestic cooperation between provinces B International cooperation by regulators with their foreign counterparts C Appointment of the Director General D Punishment for vexatious search
127. Question 127 of 200

     Which of the following is NOT a listed ground for filing an STR under Section 7(1)?

     A Funds derived from illegal activities or hiding proceeds of crime B Transaction designed to evade requirements of the Act C Transaction has no apparent lawful purpose after examining available facts D Transaction amount is below Rs. 10,000
128. Question 128 of 200

     Which of the following agencies is explicitly named as an 'investigating or prosecuting agency' under Section 2?

     A National Accountability Bureau (NAB) B Federal Investigation Agency (FIA) C Anti-Narcotics Force (ANF) D All of the above
129. Question 129 of 200

     Section 6C empowers the Federal Government to appoint an oversight body for:

     A SRBs mentioned in clause 2 of Schedule IV B The Supreme Court C Provincial Assemblies D The Election Commission
130. Question 130 of 200

     Under Section 25(1), officers of Federal/Provincial Governments, local authorities and reporting entities must provide assistance including production of records reasonably required by:

     A The investigating/prosecuting agency or FMU B Only the media on request C Only foreign governments D Only private auditors
131. Question 131 of 200

     Under Section 25(2), a natural person who willfully fails/refuses to provide required assistance may be punished with imprisonment up to:

     A Two years B Three years C Five years D Ten years
132. Question 132 of 200

     Under Section 7A(1), CDD must be conducted by a reporting entity in all of the following situations EXCEPT:

     A Entering into a business relationship B Conducting an occasional transaction above the prescribed threshold C Where there is a suspicion of money laundering or terrorist financing D Whenever a customer merely visits the branch without any transaction
133. Question 133 of 200

     Under Section 13(1), an investigating officer may enter any place to conduct a survey only:

     A On his own initiative without any permission B With the permission of the Court C With permission of the property owner only D With permission of a Union Council
134. Question 134 of 200

     Trust and company service providers are treated as DNFBPs when they carry out activities such as:

     A Acting as a formation agent of legal persons or arranging for a person to act as director/trustee/nominee shareholder B Only providing office stationery C Selling insurance policies D Issuing credit cards
135. Question 135 of 200

     Under Section 21(3), the Court shall not take cognizance of an offence under Section 33(1) except upon a complaint in writing made by:

     A Any bank customer B The FMU, or the investigating/prosecuting agency C The Provincial Assembly D A journalist
136. Question 136 of 200

     Under Section 14(3), a report on search and seizure must be forwarded to the head of the concerned agency, in a sealed envelope, within:

     A 24 hours B 48 hours C 72 hours D 7 days
137. Question 137 of 200

     Under Schedule IV (clause 2), which body is listed as a Self-Regulatory Body (SRB) for advocates, law firms and independent legal professionals?

     A Pakistan Bar Council, Provincial Bar Councils, and Islamabad Bar Council B Institute of Chartered Accountants of Pakistan (ICAP) C Institute of Cost and Management Accountants of Pakistan (ICMAP) D Securities and Exchange Commission of Pakistan
138. Question 138 of 200

     Under Section 8(1), the maximum period of provisional attachment from the date of the order is:

     A 90 days B 120 days C 180 days D 365 days
139. Question 139 of 200

     Under Section 27(3), every statement, document or thing received under a letter of request is deemed to be:

     A Inadmissible hearsay B Evidence collected during the course of investigation C Only for reference, not evidence D Confidential and unusable in Court
140. Question 140 of 200

     Under Section 9A(1), investigation techniques such as undercover operations, intercepting communications and controlled delivery may be used by the investigating officer:

     A Without any permission, at his sole discretion B With the permission of the Court, within sixty days of such permission C Only with permission of the Prime Minister D Only after conviction of the accused
141. Question 141 of 200

     Under Section 41(1), an investigating/prosecuting agency shall NOT charge a person with money laundering related to predicate offences under the Sales Tax Act 1990 and Federal Excise Act 2005 except:

     A Under no circumstances whatsoever B With prior consultation of the FMU C With approval of the Supreme Court D With permission of the taxpayer
142. Question 142 of 200

     Under Section 7J(2), the concerned AML/CFT regulatory authority must decide such an appeal within:

     A 30 days B 45 days C 60 days D 90 days
143. Question 143 of 200

     Under the proviso to Section 7(1), STRs must be filed by the reporting entity with FMU:

     A Within 7 working days B Promptly C Within 30 days D Within 90 days
144. Question 144 of 200

     As per Section 1(3), the Anti-Money Laundering Act, 2010 came into force:

     A After 30 days of publication B At once C On 1st July, 2010 D After framing of rules
145. Question 145 of 200

     Under Section 34(3), confidential information furnished by a reporting entity or other person must be kept confidential by:

     A Only the customer B The FMU, investigation agency or officer, as the case may be C The general public via Gazette D Foreign media
146. Question 146 of 200

     Which of the following is NOT included within the definition of 'DNFBPs' under Section 2?

     A Real estate agents including builders and developers B Dealers in precious metals and stones C Lawyers, notaries and accountants performing specified activities D Commercial banks accepting public deposits
147. Question 147 of 200

     Schedule I also includes offences under the Copyright Ordinance, 1962 and the Registered Designs Ordinance, 2000, demonstrating that predicate offences under the Act extend to:

     A Only violent crimes B Intellectual property offences as well C Only narcotics offences D Only terrorism-related offences
148. Question 148 of 200

     Under Section 9(1), the investigating officer must serve a notice on the person concerned not later than how many days from the date of the attachment/seizure order?

     A Three days B Seven days C Fourteen days D Thirty days
149. Question 149 of 200

     Under Section 2, 'attachment' means prohibition of transfer, conversion, disposition or movement of property by an order issued under:

     A Section 8 B Section 9 C Section 14 D Section 17
150. Question 150 of 200

     Under Section 6A(1), 'AML/CFT regulatory authority' collectively refers to:

     A Only SBP B Only SECP C The regulators and SRBs as specified in Schedule IV D Only the FMU
151. Question 151 of 200

     Under Section 43, the Federal Government's power to make rules for carrying out the purposes of the Act is exercised:

     A Unilaterally without consultation B In consultation with the National Executive Committee C In consultation with the Supreme Court D In consultation with foreign governments only
152. Question 152 of 200

     Under Section 6A(2)(h), the AML/CFT regulatory authority may impose sanctions upon a reporting entity, including against:

     A Only the entity itself, never individuals B Its directors, senior management and officers who violate relevant requirements C Only customers of the entity D Only foreign shareholders
153. Question 153 of 200

     Under Section 21(2), the Court shall not take cognizance of an offence punishable under Section 4 except upon a complaint in writing made by:

     A Any private citizen B The investigating officer, or an authorized officer of the Federal/Provincial Government C Only the media D Only the informer anonymously
154. Question 154 of 200

     Under Section 25(2), where a legal person willfully fails to provide required assistance, the fine may extend to:

     A Rs. 1 million B Rs. 5 million C Rs. 10 million D Rs. 25 million
155. Question 155 of 200

     A 'corporate group' is defined as a group consisting of:

     A Any two unrelated companies B A parent entity exercising control/management over a branch or subsidiary subject to AML/CFT policies at the group level C Only listed companies on PSX D A partnership of individuals
156. Question 156 of 200

     Which of the following is NOT a function of the oversight body for SRBs under Section 6C?

     A Making regulations for the SRB B Monitoring and overseeing the SRB C Imposing sanctions on the SRB for non-compliance D Directly prosecuting money laundering offences in Court
157. Question 157 of 200

     Under Section 46, actions taken by the Federal Government or FMU (or its officers) between which two dates are validated as if validly done under the Act?

     A 1st January 2000 and commencement of the Act B 5th January 2008 and before commencement of the Act C 1st January 2010 and 31st December 2010 D 2nd September 2022 and current date
158. Question 158 of 200

     Under Section 24(1), investigating or prosecuting agencies may nominate persons to be investigating officers:

     A From the general public at large B From amongst their own officers C Only from SECP staff D Only from the judiciary
159. Question 159 of 200

     Which of the following laws is explicitly included as a source of predicate offences in Schedule I, apart from the Pakistan Penal Code?

     A The Control of Narcotic Substances Act, 1997 B The Anti-Terrorism Act, 1997 C The National Accountability Ordinance, 1999 (Section 9) D All of the above
160. Question 160 of 200

     Under the proviso to Section 8(1), the Court may grant a further extension of the attachment period for:

     A Up to 30 days B Up to 90 days C Up to 180 days D No extension is permitted
161. Question 161 of 200

     The General Committee, per Section 5(5), is constituted under notification by:

     A SBP B The Federal Government C The National Executive Committee alone informally D Provincial Governments jointly
162. Question 162 of 200

     Under Section 33(1), willful failure to comply with STR requirements or providing false information is punishable with imprisonment extending up to:

     A Two years B Three years C Five years D Seven years
163. Question 163 of 200

     Under Section 36, a notice, summons, order or document issued under the Act shall NOT be deemed invalid merely because of:

     A A mistake, defect or omission, if it is in substance and effect in conformity with the intent and purpose of the Act B Being signed by an unauthorized person entirely C Missing an official seal always D Being issued after the limitation period
164. Question 164 of 200

     Section 7H requires reporting entities to implement policies and procedures ensuring compliance with the Act and orders/rules/regulations imposing:

     A Only tax obligations B Targeted Financial Sanctions (TFS) obligations C Only labor law obligations D Only environmental obligations
165. Question 165 of 200

     Under Section 7(3), CTRs must be filed by reporting entities with FMU:

     A Promptly, with no fixed deadline B Immediately, but not later than 7 working days after the currency transaction C Within 30 calendar days D Within 90 calendar days
166. Question 166 of 200

     Under Section 44, the power to make regulations for carrying out the purposes of the Act is exercised by:

     A SECP alone B FMU, subject to the supervision and control of the National Executive Committee C The Supreme Court D Provincial Finance Departments
167. Question 167 of 200

     'Legal arrangements' under the Act means:

     A Trusts, waqfs or other similar legal arrangements as may be defined in any other law B Only registered partnerships C Only companies incorporated under the Companies Act D Government departments
168. Question 168 of 200

     Under Section 10, once an order of forfeiture is made under Section 9(6), all rights and title in the property vest absolutely in:

     A The investigating officer personally B The Federal Government, free from all encumbrances C The informer D The provincial government
169. Question 169 of 200

     Where property is held jointly by more than one person, the notice under Section 9(1) must be served:

     A Only upon one of them, chosen at random B Upon all persons holding such property C Only upon the eldest joint holder D Only through publication in a newspaper
170. Question 170 of 200

     Which amendment substantially overhauled Sections 5, 6, 6A-6C, 7, 7A-7J, and 12 - effectively modernizing the Act's institutional and CDD framework?

     A Anti-Money Laundering (Amendment) Act, 2015 B Anti-Money Laundering (Second Amendment) Act, 2020 (Act XXX of 2020) C Anti-Money Laundering (Amendment) Act, 2020 (Act XI of 2020) D The original 2010 enactment
171. Question 171 of 200

     Under Section 28, the Federal Government may forward a letter of request received from a contracting State to the Court or authorized officer for execution, provided doing so does NOT violate:

     A The laws of the requesting State B The laws of Pakistan, or is not prejudicial to sovereignty/security/national interest/public order C International shipping regulations D Banking secrecy of a third country
172. Question 172 of 200

     Under Section 15(6), searching of a female person may be conducted:

     A By any officer regardless of gender B Only by a female C Only in the presence of a magistrate D Only with written consent of the female's family
173. Question 173 of 200

     Under Section 45, if any difficulty arises in giving effect to the Act's provisions, the Federal Government may, by order published in the official Gazette, make provisions:

     A That override the Constitution B Not inconsistent with the provisions of the Act, as necessary for removing the difficulty C That amend the Schedule permanently D That dissolve the FMU
174. Question 174 of 200

     FMU may call for record and information from any agency or person related to a transaction; such agencies/persons are required to:

     A Ignore the request if inconvenient B Promptly provide the requested record and information C Charge a fee before compliance D Refer the matter to the High Court first
175. Question 175 of 200

     Sections 6A, 6B and 6C were inserted into the Act by:

     A The original 2010 enactment B Anti-Money Laundering (Amendment) Act, 2015 C Anti-Money Laundering (Second Amendment) Act, 2020 D Anti-Money Laundering (Amendment) Act, 2020 (Act XI)
176. Question 176 of 200

     Under Section 22(1), the Code of Criminal Procedure, 1898 applies to proceedings under the Act:

     A Fully in all respects without exception B In so far as its provisions are not inconsistent with the provisions of this Act C Only for bail matters D Never; the Act is a complete code
177. Question 177 of 200

     Under Section 4(1), imprisonment for money laundering may extend up to:

     A 5 years B 7 years C 10 years D 14 years
178. Question 178 of 200

     Under Section 20(1), which Court exercises jurisdiction to try offences under the Act?

     A The Magistrate's Court B The Court of Session established under the Code of Criminal Procedure, 1898 C The High Court exclusively at first instance D A special military court
179. Question 179 of 200

     Section 3(b) criminalizes concealing or disguising the true nature, origin, location, disposition, movement or ownership of property that is:

     A Tax-exempt property B Proceeds of crime C Ancestral property D Jointly owned property
180. Question 180 of 200

     The composition of the General Committee is provided in:

     A Schedule I B Schedule II C Schedule III D Schedule IV
181. Question 181 of 200

     The protection under Section 12 is stated to be subject to what qualification?

     A 'Save as otherwise provided in Section 7' B 'Save as otherwise provided in Section 33' C No qualification at all D 'Save as otherwise provided in the Constitution'
182. Question 182 of 200

     Section 9A(1) clarifies that its provisions regarding special investigation techniques are:

     A In derogation of all other laws B In addition to and not in derogation of any other law for the time being in force C Applicable only to federal agencies D Applicable only after FATF greylisting
183. Question 183 of 200

     Which of the following is NOT listed as an activity of a 'financial institution' under Section 2?

     A Acceptance of deposits and other repayable funds from the public B Money or value transfer C Practicing law before courts D Trading in foreign exchange
184. Question 184 of 200

     Under Schedule IV (clause 1), which of the following is listed as a 'regulator' constituting AML/CFT regulatory authority?

     A State Bank of Pakistan (SBP) for entities it licenses/regulates B SECP for entities it licenses/regulates C Federal Board of Revenue for real estate agents, jewellers and certain accountants D All of the above
185. Question 185 of 200

     The term 'AML/CFT regulatory authority' is defined by reference to which section of the Act?

     A Section 5 B Section 6 C Section 6A D Section 7
186. Question 186 of 200

     Under Section 26, the Federal Government may enter into agreements with foreign governments for matters including:

     A Investigation/prosecution of offences, exchange of information, assistance/evidence, and transfer of property B Only extradition of politicians C Only trade tariffs D Only visa arrangements
187. Question 187 of 200

     Under Section 21(1)(b), no person accused of an offence carrying imprisonment of more than three years shall be released on bail unless:

     A He pays double the fine amount in advance B The Public Prosecutor has been given due notice, and (if opposing) the Court is satisfied there are reasonable grounds he is not guilty and unlikely to reoffend C He has a clean prior record D The complainant consents in writing
188. Question 188 of 200

     'FMU' is defined as the Financial Monitoring Unit established under:

     A Section 5 B Section 6 C Section 7 D Section 9
189. Question 189 of 200

     Under Section 7G, a compliance program must include the appointment of a compliance officer at:

     A Any junior level B A management level C Board level only, with no operational staff D External consultant level only
190. Question 190 of 200

     Under Section 7(2), which entities/bodies may share intelligence or report suspicions to FMU in the normal course of business?

     A Only banks B Any government agency, autonomous body, oversight body for SRB, or AML/CFT regulatory authority (domestic or foreign) C Only the media D Only foreign embassies
191. Question 191 of 200

     Under Section 7E, a reporting entity is prohibited from entering into a business relationship or conducting a transaction with a customer who is:

     A A foreign national B Anonymous or provides a fictitious name C Under the age of 30 D A government employee
192. Question 192 of 200

     Under Section 19, where a document of public record is found during a survey or search, the Court or investigating agency shall presume, among other things, that:

     A The document is automatically forged B The signature purporting to be in a particular person's handwriting is in fact that person's handwriting C The document is inadmissible unless notarized D The document must be translated into Urdu first
193. Question 193 of 200

     Under Section 3(a), a person is guilty of money laundering if he acquires, converts, possesses, uses or transfers property while:

     A Being the registered owner of that property B Knowing or having reason to believe that such property is proceeds of crime C Merely holding it as a bailee D Reporting it to the FMU
194. Question 194 of 200

     A reporting entity that (i) fails to conduct CDD, (ii) fails to file an STR, and (iii) tips off the customer could potentially face liability/sanctions under which combination of sections?

     A Sections 7A, 33, and 34 respectively B Only Section 4 C Only Section 8 D Only Section 20
195. Question 195 of 200

     Section 7F requires every reporting entity to take appropriate steps to:

     A Identify, assess and understand the risks to which its business is subjected B Advertise its AML compliance publicly C Hire only foreign auditors D Avoid all high-risk customers entirely without assessment
196. Question 196 of 200

     Under Section 30(1), where property suspected to be in a contracting State has been attached under Section 8 or forfeited under Section 9, the Court may:

     A Do nothing since foreign property is outside its power always B Issue a letter of request to a Court/authority in the contracting State for execution C Directly seize the foreign bank account without any request D Wait indefinitely for voluntary compliance
197. Question 197 of 200

     Under the proviso to Section 14(2), where immediate action is required, search and seizure may be exercised with prior permission of a senior officer of the concerned agency not below the rank of:

     A BS-17 B BS-18 C BS-19 D BS-20
198. Question 198 of 200

     Under Section 8(2), after attaching property, the investigating officer must forward a copy of the order to the head of the concerned investigating agency within:

     A 24 hours B 48 hours C 72 hours D 7 days
199. Question 199 of 200

     A 'foreign serious offence' is one which, had it occurred in Pakistan, would have constituted:

     A A cognizable offence B A predicate offence C A bailable offence D A fiscal offence
200. Question 200 of 200

     Under Section 15(2), a copy of the report on search and seizure of a person must be forwarded within 48 hours to the head of:

     A The Federal Ombudsman B The concerned investigating or prosecuting agency C The Human Rights Commission D The nearest District Court

You can practise as a guest, but sign in to save your score and track your progress.