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

Under the Prevention of Money-Laundering Act, 2002, for how long may an officer authorised under the attachment provision provisionally attach property believed to be proceeds of crime, from the date of the order?

Provisional attachment may last for a period not exceeding 180 days from the date of the order. The time during which a High Court stays the proceedings is excluded when counting, with a further period of up to thirty days after the stay is vacated.

  1. ANot exceeding 90 days
  2. BNot exceeding 180 daysCorrect
  3. CNot exceeding 270 days
  4. DNot exceeding 365 days

Explanation

Section 5(1) permits provisional attachment by written order for a period not exceeding one hundred and eighty days from the date of the order. The period during which proceedings are stayed by the High Court is excluded, plus up to thirty days after the stay is vacated. Ninety days is not the statutory period.

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