Section 45A: Freezing of assets

45A. Freezing of assets (1) Where, on an application by the central bank, the Judge in Chambers is satisfied that the central bank has reasonable ground to suspect that a person has committed, is committing or is likely to commit an offence under the banking laws, the Judge in Chambers may order— (a) the prohibition by the suspect or any other person acting on his behalf, or any person holding assets on his behalf, from disposing, transferring or pledging any of his assets or making any withdrawal from any account or deposit at a financial institution; (b) the attachment in the hands of any other person named in the order of all moneys and other property due or owing, or belonging to, or held on behalf of the suspect; (c) the suspect to make a full disclosure within such time as may be specified in the order, of all his possessions, and the nature and source of such possessions; (d) any other person named in the order to make a full disclosure of all moneys and property held on behalf of the suspect; or (e) the opening, in the presence of a person authorised by the central bank, of any safe deposit box held on behalf of the suspect. (2) Where an order is made under subsection (1) (a) or (b), the central bank may— (a) give public notice of the order, unless the central bank reasonably believes that such notice is likely to obstruct the conduct of any investigation under this Act; and B3 – 36 (1) [Issue 6] Banking Act (b) give notice of the order to all notaries and to financial institutions, and any other person who may hold or be vested with property belonging to or held on behalf of the suspect. (3) An order under subsection (1) shall be served on the suspect and on every person named in the order. (4) Where a notice is published under subsection (2), any person who allows, procures or facilitates the disposal of money or property belonging to the suspect shall commit an offence. (5) (a) The Judge in Chambers may, on application and on good and sufficient cause shown, authorise such reasonable amount to be withdrawn from a bank or other financial institution for the subsistence of the suspect on such conditions as the Judge may determine. (b) The central bank shall be a party to an application under paragraph (a). (6) An order under subsection (1) (a) or (b) shall remain in force— (a) where an investigation is being carried out by the central bank or the Commissioner of Police, until the completion of the investigation, or until such time as the central bank or the Commissioner of Police decides not to proceed with the investigation or recommends that the order be lifted; or (b) where the suspect is charged with an offence, until the final determination of that charge by a Court or until such time as the Director of Public Prosecutions decides not to proceed with the charge. (7) In this section— “suspect” means a person whom the central bank has reasonable ground to suspect has committed, is committing or is likely to commit an offence under the banking laws. [S. 45A inserted by s. 3 (n) of Act 27 of 2013 w.e.f. 21 December 2013.] PART VI – RESPONSIBILITIES OF DIRECTORS AND OTHER OFFICERS OF FINANCIAL INSTITUTIONS