8. Amendment of section 7 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 7 of the principal enactment is hereby amended as follows: -

(1)

by the repeal of subsection (1) of that section and the substitution therefor, of the following subsection: -

“(1) A police officer not below the rank of an Assistant Superintendent of Police may, where there are reasonable grounds to believe that any person is involved in any activity relating to the offence of money laundering and it is necessary to prevent further acts being committed in relation to such offence or dissipation of property reasonably believed to be criminal property, issue an order prohibiting any transaction in relation to such property or any property of corresponding value of such property which may have been used or which may be intended to be used in connection with such offence (hereinafter referred to as a

“Freezing Order”).”;

(2)

by the repeal of subsection (2) of that section and the substitution therefor, of the following subsection: -

“(2) A Freezing Order issued under subsection (1) shall be served on or communicated to –

(a)

(i) any person who is in possession, occupation, or control of, or is enjoying any benefits from, the property which is subject to the

Freezing Order; or

(ii)

any person who is believed to be having an interest in the property which is subject to the

Freezing Order; and

(b)

any other person or Institution who or which may be required to give effect to such Freezing Order.”;

(3)

in subsection (3) of that section, by the substitution for the words “for a period of seven days”, of the words “for a period of fourteen working days”; and

(4)

in subsection (4) of that section, by the substitution –

(a)

for the words “not exceeding one hundred thousand rupees”, of the words “not exceeding five million rupees”;

(b)

for the words “in such account, property or investment”, of the words “in such property”;

and

(c)

for the words “not exceeding one year”, of the words “not exceeding two years”.

Read on from s 9