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Amendements to Act 15 of 2003.

Clause 205 - Bills - AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT , 2002 - Bill - Clause 205 - 205. In the Prevention of Money-laundering Act, 2002,- (a) in section 2, in sub-section (1), in clause (u), after the words within the country , the words or abroad shall be inserted; (b) in section 5,- (i) in sub-section (1), after the second provisio, the following provisio shall be inserted, namely:- Provided also that for the purposes of computing the period of one hundred and eighty days, .....

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not exceeding ninety days or shall be inserted; (ii) in sub-section (8), after the proviso, the following proviso shall be inserted, namely:- Provided further that the Special Court may, if it thinks fit, consider the claim of the claimant for the purposes of restoration of such properties during the trial of the case in such manner as may be prescribed. ; (d) in section 19, in sub-section (3),- (i) after the words be taken to a , the words Special Court or shall be inserted; (ii) in the provis .....

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d; (f) in section 50, in sub-section (5), in the proviso, in clause (b), for the word Director , the words Joint Director shall be substituted; (g) section 66 shall be numbered as sub-section (1) thereof, and after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:- (2) If the Director or other authority specified under sub-section (1) is of the opinion, on the basis of information or material in his possession, that the provisions of any other law for the time .....

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include the following, namely:- (i) to amend the definition "proceeds of crime" so as to allow to proceed against property equivalent to proceeds to crime held outside the country. (ii) to insert an Explanation to section 5 of the said Act for the purposes of computing the period of one hundred and eighty days, the period during which the proceeding under the aforesaid section was stayed by the court, shall be excluded and a further period not exceeding thirty days from the date of com .....

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