Attachment Of Properties In Foreign Jurisdiction Under PMLA

Article by Vijay Pal Dalmia, Advocate, Supreme Court of India and Delhi High Court, Partner & Head of Intellectual Property Laws Division, Vaish Associates Advocates, India

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Attachment of Property under Prevention of Money Laundering Act (hereinafter, PMLA) is covered u/s 5 of the Act. Relevant portion of S. 5 of PMLA has been produced under:

1) Where the Director or any other officer not below the rank of Deputy Director authorized by the Director for the purposes of this section,

• has reason to believe
  1. (the reason for such belief to be recorded in writing),
• on the basis of material in his possession, that:

a) any person is in possession of any proceeds of crime;