Attachment of property involved in Money Laundering
Attachment of property involved in money laundering: An investigating officer may, on the basis of the report in his possession received from the concerned investigating or prosecuting agency, by order in writing, with prior permission of the Court, provisionally attach a property, which he reasonably believes to be the property involved in money laundering for a period not exceeding one hundred and eighty days from the date of the order;
Provided that the Court may grant further extension for a period up to one hundred and eighty days.
(2) The investigating officer shall, within forty-eight hours immediately after attachment under sub-section (1), forward a copy of the order and the report referred to in that sub-section to the head of the concerned investigating agency in a sealed envelope.
(3) Every order of attachment made under sub-section (1) shall cease to have effect after the expiry of the period specified in that sub-section or on the date of the finding made under sub-section (2) of section 9 whichever is earlier.
(4) Nothing in this section shall prevent the person interested in the enjoyment of the immovable property attached under sub-section (1) from such enjoyment.
Explanation.—For the purposes of this sub-section, “person interested”, in relation to any immovable property, includes all persons claiming or entitled to claim any interest in the property.
(5) The investigating officer who provisionally attaches any property under sub-section (1) shall submit to the Court monthly report of the progress made in the investigation.
Investigation.—(1) The investigating officer shall, not later than seven days from the date of order of attachment made under sub-section (1) of section 8 or, seizure of property under section 14 or section 15, serve a notice of not less than thirty days on the person concerned. The notice shall call upon such person to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the property attached under sub-section (1) of section 8, or, seized under section 14 or section 15, the evidence on which he relies and other relevant information and particulars, and to show cause why all or any of such properties should not be declared to be the properties involved in money laundering and forfeited to the Federal Government:
Provided that where a notice under this sub-section specifies any property as being held by a person on behalf of any other person, a copy of such notice shall also be served upon such other person:
Provided further that where such property is held jointly by more than one person, such notice shall be served upon all persons holding such property.
(2) The investigating officer shall, after—
(a) considering the reply, if any, to the notice issued under subsection (1);
(b) hearing the aggrieved person; and
(c) taking into account all relevant materials placed on record before him; record a finding whether all or any other properties referred to in the notice issued under sub-section (1) are properties involved in money
laundering:
Provided that if the property is claimed by a person, other than a person to whom the notice had been issued, such person shall also be given an opportunity of being heard to prove that the property is not a property involved in money laundering.
(3) Where the investigating officer on the basis of report received from the concerned investigating agency determines under sub-section (2) that a property is the property involved in money laundering, he shall, apply to the Court for an order confirming the attachment of the property made under subsection (1) of section 8 or retention of property or record seized under section 14 or section 15.
“(3A) The Court may, after giving opportunity of hearing to the persons concerned with the property attached under sub-section (1) of section 8 or retained or seized under section 14 or section 15, pass an order confirming the attachment, retention, seizure or as the case may be, release of the property. The attachment or retention or seizure of the property shall-
(a) continue during the pendency of the proceedings relating to any predicate offence or money laundering before a Court; and
(b) become final if it is proved in the Court that the property is the property involved in money laundering.”
(4) Where the provisional order of attachment made under sub-section (1) of section 8 has been confirmed under sub-section (3A), the
investigating officer shall forthwith take possession of the attached property:
Provided that where the property seized is perishable in nature or subject to speedy and natural decay, or when the expense of keeping it in custody is likely to exceed its value, the Court may, on the application of the investigating officer, order immediate sale of the property in any manner deemed appropriate in the circumstances.
(5) Where on conclusion of a trial for any predicate offence and money laundering, the person concerned is acquitted, the attachment of the property or retention or seizure of the property or record under sub-section
(3A) and net income, if any, shall cease to have effect.
(6) Where the attachment of any property or retention or seizure of the property or record becomes final under clause (b) of sub-section (3A), the Court shall make an order for forfeiture of such property.
(7) After passing the order of forfeiture under sub-section (6), the Court shall direct the release of all properties other than the properties involved in money laundering to the persons from whom such properties were seized.
9A. Application of investigation techniques.- (1) The investigating officer may with the permission of the court, within sixty days of such
permission, use techniques including undercover operations, intercepting communications, assessing computer system and controlled delivery for investigation of offences of money laundering, associated predicate offences and financing of terrorism. The aforementioned period of sixty days may be extended upto further period of sixty days by the court on a request made to it in writing. The court may grant extension, if it is satisfied on the basis of situation or reasons given in the written request. The provisions of this sub-section shall be in addition to and not in derogation of any other law for the
time being in force.
(2) The Federal Government may make rules to regulate the procedure and for execution of order for the purposes of this section.
Anti Money Laundering Training
Anti Money Laundering Training / Financial Crime training is available in Lahore, Islamabad, Karachi Pakistan as “online live training” or “onsite live training”.
This training on Anti Money Laundering in Lahore will cover different types of anti money laundering schemes and will equip participants in knowing how to analyze them and how to identify leads.
This training on Anti Money Laundering in Lahore, Islamabad, Karachi, Faisalabad is also available as inhouse training option for companies all over Pakistan.
