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(1) The Centre shall not investigate serious offences but where the Chief Executive Officer is of the opinion that it is necessary to freeze a transaction or an account to prevent money laundering, the Chief Executive Officer may direct the freezing of a transaction or account of any accountable institution.

(2) The Chief Executive Officer shall apply to a court within seven days after freezing a transaction or account for confirmation of the action taken and the court may confirm the freezing on conditions or direct the de-freezing of the transaction or account.

(3) Where a transaction or account has been frozen, the person affected shall be notified by the Chief Executive Officer within forty-eight hours of the freezing of the transaction or account and the person affected may seek redress from court.