11
Management of forfeited properties
Act: Anti-Money Laundering Act 2010
Section Provisions
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:-- 11. Management of forfeited properties.--(1) The Federal Government may, by order published in the official Gazette, appoint as many trustees and receivers as it thinks fit to perform the functions of an Administrator. (2) The Administrator appointed under subsection (1) shall receive and manage the property in relation to which an order has been made under subsection (6) of section 9 in such manner and subject to such conditions as may be prescribed. (3) The Administrator shall also take such measures, as the Federal Government may direct, to dispose of the property which is vested in the Federal Government under section 10: 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 Administrator may sell it at once after reasonable notice to the Federal Government.