Clause 173 - Amendment of section 8. - Finance Bill, 2015

Amendment of section 8. 173. In section 8 of the Money-laundering Act,-- (i) in sub-section (3), in clause (b), for the words Adjudicating Authority , the words Special Court shall be substituted; (ii) after sub-section (7), the following sub-section shall be inserted, namely:-- (8) Where a property stands confiscated to the Central Government under sub-section (5), the Special Court, in such manner as may be prescribed, may also direct the Central Government to restore such confiscated property or part thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering: Provided that the Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering. .