How the attachment of property is executed under Prevention of Money Laundering Act, 2002?
CS Executive · Economic and Commercial Laws · PYQS · June 2017
How the attachment of property is executed under Prevention of Money Laundering Act, 2002?
Answer & Explanation:
As per Section 60(1) 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 sub-section (1A) of section 17 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 sub-section (5) or sub section (6) of section 8, and such property is suspected to be in a contracting State, the Special Court, on an application by the Director or the Administrator appointed under sub-section (1) of section 10, 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. Section 60(2) prescribe that when 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.
Topics: Prevention of Money Laundering Act, 2002
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