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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:-- 17. Retention of property.--(1) Where any property has been seized under section 14 or section 15 and the Investigating Officer has, on the basis of material in his possession, reason to believe that such property is required to be retained for the purposes of investigation under section 9 such property may be retained for a period not exceeding ninety days from the time such property was seized: Provided' that the Investigating Officer shall duly inform the Court about any peculiar nature of the seized property and, where necessary, seek appropriate directions for its proper care during retention. (2) The Investigating Officer, immediately after he has passed an order for retention of property for purposes of investigation under section 9, shall forward a copy of the order along with the copies or details of the material in his possession, referred to in subsection (1) to the head of the concerned investigating agency, in a sealed envelop, in the manner as may be prescribed, and the agency shall keep such record and material for such period as may be prescribed. (3) On the expiry of the period specified under subsection (1), the property shall be returned to the person from whom such property was seized unless the Court permits retention of such property beyond the said period. (4) The Court, before authorizing the retention of such property beyond the period specified in subsection (1), shall satisfy itself that the property is prima facie involved in money laundering and the property is required for the purposes of investigation under section 9. (5) After passing the order of forfeiture under subsection (6) of section 9, the Court shall direct the release of all properties other than the properties involved in money laundering to the persons from whom such properties were seized.