Section 29K: Punishment for Violations

1) The Regulator may impose a sanction pursuant to section 7V if it finds that any reporting entity is not freezing the properties or funds pursuant to section 29G.

2) Departmental action shall be taken against responsible officials of the concerned agency who do not freeze property or funds pursuant to section 29G.

3) The Ministry of Home Affairs may fine up to one million rupees to a natural or legal person violating section 29G.

4) Notwithstanding whatever is written in sub-sections (1), (2) or (3), a case of Terrorist Financing may be initiated or filed against a natural person, legal person or responsible official of the concerned agency or reporting entity who does not freeze the properties or funds with an intention to support the commission of the offence of Money Laundering or Terrorist Financing, or to terrorist, terrorist group or organisation or terrorist acts.

5) The provisions under this Act for tracing properties and instrumentality, freezing, seizing, investigation and confiscation of the properties or funds of terrorists, terrorist groups or organisations and other related matters, s shall be applicable to offences under this chapter if so required.