Equivalent-value attachment under money-laundering law may reach pre-offence properties when tainted assets are unavailable.

Properties acquired before the commission of the scheduled offence may still be attached under the Prevention of Money-Laundering Act where they represent proceeds of crime or property of equivalent value. The Tribunal stated that "proceeds of crime" is not limited to property directly or indirectly derived from the offence and may include equivalent-value assets when the tainted property is unavailable, untraceable, or siphoned off. On the facts noted, prima facie material linked the appellants to illegal ivory trade, recovery of ivory articles, and statements indicating receipt and handling of proceeds, so attachment of properties, including those in spouses' names, was upheld to the extent of the available proceeds or equivalent value.

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Issues: Whether properties acquired prior to the commission of the scheduled offence could be attached under the Prevention of Money-Laundering Act, 2002 as proceeds of crime or as property of equivalent value.

Analysis: The Tribunal held that the definition of proceeds of crime is not confined to property directly or indirectly derived from the scheduled offence. It includes the value of such property and permits attachment of alternative property of equivalent value where the actual tainted property is unavailable, untraceable, or has been siphoned off. Applying this principle, the Tribunal found prima facie material showing involvement of the appellants in illegal ivory trade, recovery of ivory articles, and statements indicating receipt and handling of proceeds. On that basis, the Tribunal concluded that the attachment of properties, including those standing in the names of spouses, was justified to the extent of the proceeds available or equivalent value.

Conclusion: The challenge to attachment on the ground that the properties were purchased before the offence was rejected, and the attachment was upheld.

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