Money Laundering - Proceeds of crime - attachment of moveable ...

Tribunal Invalidates Attachment of Frozen Assets; No Risk of Concealment Under PMLA, But Could Reinstate if Released.

April 18, 2024

Case Laws Money Laundering AT

Money Laundering - Proceeds of crime - attachment of moveable property of the appellant - The tribunal analyzed PMLA Section 5(1), determining that attachment requires proceeds of crime and a likelihood of concealment or transfer. It interpreted 'proceeds of crime' based on a Supreme Court case, concluding that the disputed amount frozen by the police qualified as such. Since there was no risk of transfer or concealment due to the frozen status, the tribunal deemed the attachment unjustified under PMLA. It interfered with the attachment order, directing that it remains invalid as long as the disputed amount is frozen by the police, with automatic reinstatement if released.

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Money Laundering - Proceeds of crime - attachment of moveable ...

Tribunal Invalidates Attachment of Frozen Assets; No Risk of Concealment Under PMLA, But Could Reinstate if Released.

April 18, 2024

Case Laws Money Laundering AT

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