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.’’.
Notes on Clauses:
Clause 173 of the Bill seeks to amend section 8 of the 2002 Act relating to Adjudication. Sub-clause (i) seeks to substitute the words “Adjudicating Authority” occurring in clause (b) of subsection (3) of said section with the words “Special Court”. Subclause (ii) seeks to amend section 8 of the Act by inserting subsection (8) so as to provide for restoring confiscated property, on the directions of Special Court, to claimants with legitimate legal interest who may have suffered a quantified loss as a result of the offences of money laundering.
