Search Results on rules for query: "The Prevention of Money-laundering (Restoration of confiscated property) Rules, 2016"
Related Section(s)(1) The Central Government may, by notification, make rules for
carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the form in which records referred to in this Act may be maintained; 1[(aa) the manner of provisional attachment of property under sub-section (1) of section 5;] (b) the manner in which the order and the material referred to in sub-section (2) of section 5 to be maintained; (c) matters in respect of experience of Members under sub-section (3) of section 6; (d) the salaries and allowances payable to and other terms and conditions of service of Members of the Adjudicating Authority under sub-section (9) of section 6; (e) the salaries and allowances payable to and other terms and conditions of service of the officers and employees of the Adjudicating Authority under sub-section (3) of section 7; 2[(ee) the manner of seizing or taking possession of property attached under section 5 or frozen under sub-section (1A) of section 17 or under sub-section (4) of section 8;] (f) the manner in which and the conditions subject to which the properties confiscated may be received and managed under sub-section (2) of section 10; (g) the additional matters in respect of which the Adjudicating Authority may exercise the powers of a civil court under clause (f) of sub-section (1) of section 11; 3* * * * * (i) 4[the nature and value of transactions and the time within which] the information of transactions under clause (b) of sub- section (1) of section 12 shall be furnished; 5***** 6[(jja) the manner and the conditions in which authentication of the identity of clients shall be verified by the reporting entities under clause (a) of sub-section (1) of section 12AA;] (jjb) the manner of identifying the ownership and financial position of the client under clause (b) of sub-section (1) of section 12AA; (jjc) additional steps to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties under clause (c) of sub-section (1) of section 12AA; (jjd) manner of increasing the future monitoring under sub-section (3) of section 12AA.] (jjj) the period of interval in which the reports are sent by the reporting entities or any of its employees under clause (c) of sub-section (2) of section 13;] (k) the procedure and the manner of maintaining and furnishing information under sub-section (1) of section 12 as required under section 15; (l) the manner in which the reasons and the material referred to in sub-section (2) of section 16 shall be maintained; (m) the rules relating to search and seizure under sub-section (1) of section 17; (n) the manner in which the reasons and the material referred to in sub-section (2) of section 17 shall be maintained; (o) the manner in which the reasons and the material referred to in sub-section (2) of section 18 shall be maintained; (p) the manner in which the order and the material referred to in sub-section (2) of section 19 shall be maintained; 2[(pp) the manner in which the forwarding of the order for retention or continuation of freezing of the property and the period of keeping such order and material under sub-section (2) of section 20;] (q) the manner in which records authenticated outside India may be received under sub-section (2) of section 22; (r) the form of appeal and the fee for filing such appeal, under sub-section (3) of section 26; 6* * * * * (u) the additional matters in respect of which the Appellate Tribunal may exercise the powers of a civil court under clause (i) of sub-section (2) of section 35; 7[(ua) conditions subject to which a police officer may be authorised to investigate into an offence under sub-section (1A) of section 45; (v) the additional matters in respect of which the authorities may exercise powers of a civil court under clause (f) of sub-section (1) of section 50; (w) the rules relating to impounding and custody of records under sub-section (5) of section 50; (x) any other matter which is required to be, or may be, prescribed.
1. Ins. by s. 29, ibid. (w.e.f. 15-2-2013).
2. Ins. by Act 2 of 2013, s. 29 (w.e.f. 15-2-2013). 3. Clause (h) omitted by s. 29, ibid. (w.e.f. 15-2-2013). 4. Subs. by s. 29, ibid., for the time within which (w.e.f. 15-2-2013). 5. Clauses (j) and (jj) omitted by Act 14 of 2019, s. 29 (w.e.f. 25-07-2019). 6. Ins. by Act 23 of 2019, s. 202 (w.e.f. 1-8-2019). 6. Clauses (s) and (t) omitted by Act 28 of 2016, s. 232 (w.e.f. 1-6-2016). 7. Ins. by Act 20 of 2005, s. 8 (w.e.f. 1-7-2005). (1) This Act may be called the Prevention of Moneylaundering
Act, 2002.
(2) It extends to the whole of India. (3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
1. 1st July, 2005, vide notification No. G.S.R. 436(E), dated 1st July, 2005, see Gazette of India, Extraordinary, Part II, sec. 3(i).
(1) On receipt of a complaint under sub-section (5) of section 5, or applications
made under sub-section (4) of section 17 or under sub-section (10) of section 18, if the Adjudicating
Authority has reason to believe that any person has committed an 1[offence under section 3 or is in
possession of proceeds of crime], it may serve a notice of not less than thirty days on such person calling
upon him 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 5, or, seized 2[or frozen] under section
17 or section 18, 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 confiscated by the Central 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 to all persons holding such property. (2) The Adjudicating Authority shall, after-- (a) considering the reply, if any, to the notice issued under sub-section (1); (b) hearing the aggrieved person and the Director or any other officer authorised by him in this behalf; and (c) taking into account all relevant materials placed on record before him, by an order, record a finding whether all or any of the properties referred to in the notice issued under sub-section (1) are 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 involved in money-laundering. (3) Where the Adjudicating Authority decides under sub-section (2) that any property is involved in money-laundering, he shall, by an order in writing, confirm the attachment of the property made under sub-section (1) of section 5 or retention of property or 3[record seized or frozen under section 17 or section 18 and record a finding to that effect, whereupon such attachment or retention or freezing of the seized or frozen property] or record shall-- (a) continue during 4[investigation for a period not exceeding 5[three hundred and sixty-five days] or] the pendency of the proceedings relating to any 6[offence under this Act before a court or under the corresponding law of any other country, before the competent court of criminal jurisdiction outside India, as the case may be; and] 7[(b) become final after an order of confiscation is passed under sub-section (5) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60 by the 8[Special Court];] 9Explanation.--For the purposes of computing the period of three hundred and sixty-five days under clause (a), the period during which the investigation is stayed by any court under any law for the time being in force shall be excluded.] (4) Where the provisional order of attachment made under sub-section (1) of section 5 has been confirmed under sub-section (3), the Director or any other officer authorised by him in this behalf shall forthwith take the 10[possession of the property attached under section 5 or frozen under sub-section (1A) of section 17, in such manner as may be prescribed: Provided that if it is not practicable to take possession of a property frozen under sub-section (1A) of section 17, the order of confiscation shall have the same effect as if the property had been taken possession of.] 11[(5) Where on conclusion of a trial of an offence under this Act, the Special Court finds that the offence of money-laundering has been committed, it shall order that such property involved in the moneylaundering or which has been used for commission of the offence of money-laundering shall stand confiscated to the Central Government. (6) Where on conclusion of a trial under this Act, the Special Court finds that the offence of moneylaundering has not taken place or the property is not involved in money-laundering, it shall order release of such property to the person entitled to receive it. (7) Where the trial under this Act cannot be conducted by reason of the death of the accused or the accused being declared a proclaimed offender or for any other reason or having commenced but could not be concluded, the Special Court shall, on an application moved by the Director or a person claiming to be entitled to possession of a property in respect of which an order has been passed under sub-section (3) of section 8, pass appropriate orders regarding confiscation or release of the property, as the case may be, involved in the offence of money-laundering after having regard to the material before it.] 12[(8) Where a property stands confiscated to the Central Government under sub-section (5), the Special Court, in such manner as may be prescribed, may also direct the Central Government to restore such confiscated property or part thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering: Provided that the Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering:] 4[Provided further that the Special Court may, if it thinks fit, consider the claim of the claimant for the purposes of restoration of such properties during the trial of the case in such manner as may be prescribed.]
1. Subs. by Act 21 of 2009, s. 5, for "offence under section 3" (w.e.f. 1-6-2009).
2. Ins. by Act 2 of 2013, s. 6 (w.e.f. 15-2-2013). 3. Subs. by s. 6, ibid., for certain words and figures (w.e.f. 15-2-2013). 4. Ins. by Act 13 of 2018, s. 208 (w.e.f. 19-4-2018). 5. Subs. by Act 7 of 2019, s. 22, for "ninety days" (w.e.f. 20-3-2019). 6. Subs. by Act 2 of 2013, s. 6, for "scheduled offence before a court; and" (w.e.f. 15-2-2013). 7. Subs. by s. 6, ibid., for clause (b) (w.e.f. 15-2-2013). 8. Subs. by Act 20 of 2015, s. 147, for "Adjudicating Authority" (w.e.f. 14-5-2015). 9. Ins. by Act 7 of 2019, s. 22 (w.e.f. 20-3-2019). 10. Subs. by Act 2 of 2013, s. 6, for "possession of the attached property" (w.e.f. 15-2-2013). 11. Subs. by s. 6, ibid., for sub-sections (5) and (6) (w.e.f. 15-2-2013). 12. Ins. by Act 20 of 2015, s. 147 (w.e.f. 14-5-2015). |
