State the provisions relating to attachment, seizure and confiscation of property under the Money Laundering Act, 2002.

Section 5 of the Prevention of Money Laundering Act, 2002 provides that where the Director or any other officer not below the rank of Deputy Director authorised by the Director has reason to believe (the reason for such belief to be recorded in writing), on the basis of material in his possession, that- any person is in possession of any proceeds of crime; and such proceeds of crime are likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings relating to confiscation of such proceeds of crime, he may, by order in writing, provisionally attach such property for a period not exceeding one hundred and eighty days from the date of the order, in prescribed manner. According to Section 60 of the Prevention of Money Laundering Act, 2002 where the Director has made an order for attachment of any property under section 5 or for freezing under section 17(1A) or where an Adjudicating Authority has made an order relating to a property under section 8 or where a Special Court has made an order of confiscation relating to a property under section 8(5) & (6) and such property is suspected to be in a contracting State, the Special Court, on an application by the Director or the Administrator appointed, as the case may be, may issue a letter of request to a court or an authority in the contracting State for execution of such order. Where a letter of request is received by the Central Government from a court or an authority in a contracting State requesting attachment, seizure, freezing or confiscation of the property in India, derived or obtained, directly or indirectly, by any person from the commission of an offence under a corresponding law committed in that contracting State, the Central Government may forward such letter of request to the Director, as it thinks fit, for execution in accordance with the provisions of this Act. Where on closure of the criminal case or conclusion of trial in a criminal court outside India under the corresponding law of any other country, such court finds that the offence of money-laundering under the corresponding law of that country has been committed, the Special Court shall, on receipt of an application from the Director for execution of confiscation, order, after giving notice to the affected persons, that such property involved in money-laundering or which has been used for commission of the offence of money-laundering stand confiscated to the Central Government. The Director shall, on receipt of a letter of request under section 58 or section 59, direct any authority under this Act to take all steps necessary for tracing and identifying such property.