Those who possess any property obtained through proceeds of crime or engage with it in any form of transaction will be considered to be committing a punishable offence under the law and can be prosecuted in the High Court. Those found guilty will face a fine of Rs 10 million and a 15-year jail term.

The new bill titled “Proceeds of Crime,” published this week by the Ministry of Justice, Prison Affairs, and Constitutional Reforms, will enable the recovery of proceeds of crime and, through inter-agency cooperation and international collaboration, will facilitate investigations to recover the ill-gotten stolen wealth.

Under the proposed bill, any person who has knowledge or information about the proceeds of crime and fails to disclose such information to the designated police officer or to the designated officer of the Commission to Investigate Allegations of Bribery or Corruption is considered to be committing an offence as well.

According to the bill, a statement made or response given in the form of an affidavit or a written or oral statement to an investigation officer in response to a notice served on such person under Section 68 of this Act to be admissible against the maker of such affidavit or statement or against any third party.

The bill also enables the setting up of an entity called the Proceeds of Crime Management Authority to protect, manage, and dispose of restrained, seized or frozen proceeds of crime.

The bill vests adequate powers with designated officers of the Authority to seek and obtain assistance from administrative, law enforcement, and judicial competent authorities of other countries for tracing, identification, search, detection, and examination of property suspected to be proceeds of crime and for other investigational purposes.

The officers can also seek assistance for gathering evidence, including documents, witness statements, reports, and other materials suspected to be proceeds of crime.

(Sunday Times)
(This story, originally published by Sunday Times has not been edited by SLM staff)