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CMA Final · Cost and Management Audit · Anti-Money Laundering

Under the Prevention of Money-Laundering Act, 2002, an officer not below the rank of Deputy Director, authorised by the Director, provisionally attaches property he believes to be proceeds of crime. For what maximum period from the date of the order does the provisional attachment operate under Section 5(1), apart from the exclusion for any High Court stay?

A provisional attachment order under Section 5(1) of the PMLA can last for a period not exceeding one hundred and eighty days from the date of the order. The period excludes any time the proceedings are stayed by the High Court, plus a further thirty days after the stay is vacated.

  1. ASixty days
  2. BOne hundred and eighty daysCorrect
  3. CNinety days
  4. DThree hundred and sixty-five days

Explanation

Section 5(1) allows provisional attachment by written order for a period not exceeding one hundred and eighty days from the date of the order. Sixty or ninety days are not the statutory period, and a year is far longer than permitted.

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