Money laundering - provisional attachment orders - Non-obstante ...
Money Laundering
November 14, 2022
Money laundering - provisional attachment orders - Non-obstante clause in the IBC and PMLA - overriding effect - the power to attach under the PMLA would not fall within the ken of Section 14(1)(a) of the IBC. Through Section 32A, the Legislature has authoritatively spoken of the terminal point whereafter the powers under the PMLA would not be exercisable. The events which trigger its application when reached would lead to the erection of an impregnable wall which cannot be breached by invocation of the provisions of the PMLA. - HC
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