Section 50: Freezing of assets

50. Freezing of assets (1) Where, on an application by the Commission, the Judge in Chambers is satisfied that the Commission has reasonable grounds to suspect that a person has committed or is committing an offence under the relevant Acts or has been involved in a financial crime, 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 make any withdrawal from any account or deposit at any bank or financial institution; (b) the attachment in the hands of any 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 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 Commission, of any safe deposit box held on behalf of the suspect. (2) Where an order is made under subsection (1) (a) and (b), the Commission may— (a) give public notice of the order, unless the Commission reasonably believes that such notice is likely to obstruct the conduct of any investigation under this Act; and (b) give notice of the order to all notaries and to the head offices of all banks and branches, investment dealers, cash dealers and financial institutions and any other person who may hold or be vested with property belonging to or held on behalf of the suspect. F10 – 33 [Issue 6] Financial Services Act (3) An order under subsection (1) shall be served on the suspect and on each 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) The Judge in Chambers may, on application and on good and sufficient cause shown, authorise such reasonable amounts to be withdrawn from a bank or other financial institution for the subsistence of the suspect on such conditions as the Judge may determine. (6) The Commission shall be a party to any application under subsection (5). (7) An order under subsection (1) (a) and (b) shall remain in force— (a) where an investigation is being carried out by the Commission or by the Commissioner of Police, until the completion of the investigation, or until such time as the Commission or the Commissioner of Police decides not to proceed with the investigation, or recommend that the order be lifted; or (b) where the suspect has been charged with an offence, until the final determination of that charge by a Court of law or until such time as the Director of Public Prosecutions decides not to proceed with the charge. (8) In this section— “suspect” means a person whom the Commission has reasonable grounds to suspect to have committed or to be committing an offence under the relevant Acts or to be involved in a financial crime.