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CS Professional · Internal and Forensic Audit · Forensic Audit: Laws and Regulations

A forensic audit team is reviewing how anti-money-laundering efforts are coordinated among regulators and enforcement agencies. Under Section 72A of the Prevention of Money-Laundering Act, 2002, which purpose is the Inter-ministerial Co-ordination Committee constituted for?

The Committee is constituted for inter-departmental and inter-agency coordination, including operational co-operation between the Government, law enforcement agencies, the Financial Intelligence Unit, India and regulators or supervisors. It also covers policy coordination on anti money-laundering, not adjudication, auditing or company registration.

  1. AAdjudicating offences of money laundering and imposing sentences
  2. BOperational co-operation between the Government, law enforcement agencies, the Financial Intelligence Unit, India and regulators or supervisorsCorrect
  3. CAuditing the financial statements of reporting entities
  4. DRegistering companies and maintaining their statutory records

Explanation

Section 72A allows the Central Government to constitute the Committee by notification for inter-departmental and inter-agency coordination. Purposes include operational co-operation among the Government, law enforcement agencies, FIU-India and regulators, and policy co-operation and development of AML/CFT policies. It does not adjudicate, audit or register companies.

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