All provisions · AML/CFT Act (Cap. 251) · Part X: Pecuniary penalty order
90 Appointment of receiver for enforcement of pecuniary penalty order
(1) Where—
(a) a pecuniary penalty order has been made under this Act;
(b) the pecuniary penalty order is not subject to any appeal;
(c) the pecuniary penalty order has not been satisfied, the Court may direct that the pecuniary penalty shall be assigned to the Asset Recovery Fund established under section 11 of the Custody, Management and Disposal of Seized, Forfeited or Confiscated Properties Act. (Amended by Act 62 of 2021)
(2) The Court may appoint a person to be a receiver on an application filed on behalf of a law enforcement agency, in respect of realisable property on such terms and conditions and the remuneration to the receiver shall be such as may be specified in the order of the Court.
(3) The receiver appointed under subsection (2) shall take possession of any realisable property subject to such conditions or exceptions as may be specified by the Court.
(4) The Court may order any person having possession or control of realisable property to handover possession of such realisable property to the receiver.
(5) The Court may empower the receiver to realise any realisable property by sale in such manner as the Court may direct.
(6) The Court may order any person holding an interest in realisable property to make such payment to the receiver in respect of any beneficial interest held by the accused or, as the case may be, by the recipient of any affected gift.
(7) The Court shall not, in respect of any property, exercise the powers conferred under subsections (3), (4), (5) or (6) unless a reasonable opportunity has been given for persons holding any interest in the property to make representations to the Court and the Court has delivered its findings on such representations.
(8) On the sale of any property by a receiver appointed under subsection
(2), the purchaser shall be vested with a good and valid title and, as regards land
the Land Registrar shall register the purchaser as proprietor in the Land Register without further requisition or enquiry.
(9) On the sale of any property by a receiver appointed under subsection
(2), any rights, title or interest of any person therein shall stand extinguished and any such rights, title or interest in the property shall stand transferred and be limited to the net proceeds of such sale.
(a) a pecuniary penalty order has been made under this Act;
(b) the pecuniary penalty order is not subject to any appeal;
(c) the pecuniary penalty order has not been satisfied, the Court may direct that the pecuniary penalty shall be assigned to the Asset Recovery Fund established under section 11 of the Custody, Management and Disposal of Seized, Forfeited or Confiscated Properties Act. (Amended by Act 62 of 2021)
(2) The Court may appoint a person to be a receiver on an application filed on behalf of a law enforcement agency, in respect of realisable property on such terms and conditions and the remuneration to the receiver shall be such as may be specified in the order of the Court.
(3) The receiver appointed under subsection (2) shall take possession of any realisable property subject to such conditions or exceptions as may be specified by the Court.
(4) The Court may order any person having possession or control of realisable property to handover possession of such realisable property to the receiver.
(5) The Court may empower the receiver to realise any realisable property by sale in such manner as the Court may direct.
(6) The Court may order any person holding an interest in realisable property to make such payment to the receiver in respect of any beneficial interest held by the accused or, as the case may be, by the recipient of any affected gift.
(7) The Court shall not, in respect of any property, exercise the powers conferred under subsections (3), (4), (5) or (6) unless a reasonable opportunity has been given for persons holding any interest in the property to make representations to the Court and the Court has delivered its findings on such representations.
(8) On the sale of any property by a receiver appointed under subsection
(2), the purchaser shall be vested with a good and valid title and, as regards land
the Land Registrar shall register the purchaser as proprietor in the Land Register without further requisition or enquiry.
(9) On the sale of any property by a receiver appointed under subsection
(2), any rights, title or interest of any person therein shall stand extinguished and any such rights, title or interest in the property shall stand transferred and be limited to the net proceeds of such sale.
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
