Section 29G: Freezing of Properties and Funds

1) Natural Person, legal person, concerned agency, or reporting entity shall immediately and without delay and without prior notice, freeze the properties or funds of a person, group or organisation listed pursuant to sections 29E& 29F and of person, group or organisation engaged or financing in the proliferation of weapons of mass destruction.

2) While freezing the properties or funds in accordance with sub-section (1), all the following properties or funds shall be frozen without delay:

(a) All properties or funds belonging to or wholly or jointly, directly or indirectly, owned or possessed or held or controlled by such person, group or organisation,

(b) All properties or funds derived or generated from the property or funds pursuant clause (a),

(c) All properties or funds of a person, group and organisation acting on behalf of, or at the direction of such person, group or organisation.

3) Properties or funds frozen pursuant to this section shall be frozen in such a way that such properties or funds shall not be, could not be transferred, mortgaged, sold, distributed or transacted by anyone, except in the execution of the provision of this Act and rules thereunder.]

4) Natural or legal person, concerned agency, and reporting entity shall make necessary management that such properties or funds or other economic resources or financial or other benefits frozen pursuant to subsection (1) and (2) shall not be, directly or indirectly, available or in use of or be beneficial to the individual, group or organisation designated under sections 29E and 29F.

5) Natural or legal person, the concerned agency shall submit the report of such freezing pursuant to sub-sections (1) and (2) to the Ministry of Finance and reporting entity to the Regulator within three days of freezing.

6) The Regulator shall submit the details of freezing the property or funds received pursuant to subsection (3) to the Ministry of Finance within three days of receipt.

¹6A) The integrated record, management and conservation of the property or funds withheld in accordance with this paragraph shall be carried out by the Department of Management of Defective Assets established in accordance with the prevailing law.

7) Any other provision relating to withholding property or funds pursuant to this paragraph shall be as prescribed.

^{1 Amendment to the Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}