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ACT VII OF 2010 ACT VII OF 2010 ANTI-MONEY LAUNDERING ACT, 2010 An Act to provide for prevention of money laundering [Gazette of Pakistan, Extraordinary, Part I, 27th March 2009] No.F.9 (4)/2010-Legis., dated 27-3-2010.--The following Act of Majlis-e-Shoora (Parliament) received the assent of the President on 26th March, 2010, is hereby published for general information: Whereas, it is expedient to provide for prevention of money laundering combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto; It is hereby enacted as follows:-- 9. Investigation.--(1) The Investigating Officer shall, not later than seven days from the date of order of attachment made under sub-section (1) of section 8 or, seizure of property under section 14 or section 15, serve a notice of not less than thirty days on the person concerned. The notice shall call upon such person to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the property attached under subsection (1) of section 8, or, seized under section 14 or section 15, the evidence on which he relies and other relevant information and particulars, and to show cause whyall or any of such properties should not be declared to be the properties involved in money laundering and forfeited to the Federal Government: Provided that where a notice under this subsection specifies any property as being held by a person on behalf of any other person, a copy of such notice shall also be served upon such other person: Provided further that where such property is held jointly by more than one person, such notice shall be served upon all persons holding such property (2) The Investigating Officer shall, after, - (a) Considering the reply, if any, to the notice issued under subsection (1); (b) Hearing the aggrieved person; and (c) Taking into account all relevant materials placed on record before him; record a finding whether all or any other properties referred to in the notice issued under subsection (1) are involved in money laundering: Provided that if the property is claimed by a person, other than a person to whom the notice had been issued, such person shall also be given an opportunity of being heard to prove that the property is not involved in money laundering. (3) Where the Investigating Officer on the basis of report received from the concerned investigating agency determines under subsection (2) that any property is involved in money laundering, he shall, apply to the Court for an order confirming the attachment of the property made under subsection (1) of section 8 or retention of property or record seized under section 14 or section 15. Such attachment or retention of the seized property or record shall-- (a) Continue during the pendency of the proceedings relating to any predicate offence or money laundering before a court; and (b) Become final if it is proved in the court that the property is proceeds of crime or. involved in money laundering and order of such court becomes final. (4) Where the provisional order of attachment made under subsection (1) of section 8 has been confirmed under subsection (3), the Investigating Officer shall forthwith take possession of the attached property: Provided that where the property seized is perishable in nature or subject to speedy and natural decay, or when the expense of keeping it in custody is likely to exceed its value, the Court may, on the application of the Investigating Officer, order immediate sale of the property in any manner deemed appropriate in the circumstances. (5) Where on conclusion of a trial for any predicate offence or money laundering, the person concerned is acquitted, the attachment of the property or retention of the seized property or record under subsection (3) and net income, if any, shall cease to have effect. (6) Where the attachment of any property or retention of the seized property or record becomes final under clause (b) of subsection (3), the Court shall, after giving an opportunity of being heard to the person concerned, make an order for forfeiture of such property. (7) After passing the order of forfeiture under subsection (6) of section 9, the Court may direct the release of all properties other than. the properties involved in money laundering to the persons from whom such properties were seized.