Section 49: Account Monitoring Order

49. Account Monitoring Order (1) A Judge may, on an application made by the Enforcement Authority, make an Account Monitoring Order where he is satisfied that each of the requirements for the making of the Order set out in this section is fulfilled. (2) Every application for an Account Monitoring Order shall state that the property specified in the application is the subject of an Investigation and a person specified in the application appears to hold the property. (3) The application shall also state that the Order is sought— (a) for the purposes of the Investigation; and (b) against the financial institution specified in the application in relation to account information of the description so specified. (4) An application for an Account Monitoring Order may specify information relating to— (a) all accounts held by the person specified in the application for the Order at the financial institution so specified; (b) a particular description, or particular descriptions, of accounts so held; or (c) a particular account, or particular accounts, so held. A23A – 31 [Issue 5] Asset Recovery Act (5) An Account Monitoring Order is an Order that a financial institution specified in the application for the Order shall, for the period stated in the Order, provide account information of the description specified in the Order to the Enforcement Authority in the manner, and at or by the time, stated in the Order. (6) The period stated in an Account Monitoring Order shall not exceed the period of 90 days beginning with the day on which the Order is made. (7) A statement made by a financial institution in response to an Account Monitoring Order may not be used in evidence against it in any proceedings. (8) For the purposes of an Investigation, there shall be reasonable ground for suspecting that— (a) the property specified in the application for the Order is proceeds of crime, an instrumentality or terrorist property; (b) the person specified in the application holds all or some of the property; (c) account information which may be provided in compliance with the order is likely to be of substantial value to the investigation for the purpose for which the order is sought; and (d) it is in the public interest that the account information be provided, having regard to the benefit likely to accrue to the investigation if the information is obtained.