https://www.taxtmi.com/caselaws?id=400134 Section 5(1) of the Prevention of Money Laundering Act permits provisional attachment only when the authorised officer records written reasons, on material in possession, that the person holds proceeds of crime and that those proceeds are likely to be concealed, transferred or otherwise dealt with to frustrate confiscation. The two requirements are cumulative, so possession of proceeds of crime does not by itself establish the further likelihood under clause (b). Where the attachment order lacked separate reasons on that point, the attachment could not be sustained. Conditional directions preserving attachment through indemnity bonds and restraint on release were also inconsistent with the statutory scheme and with the Tribunal's own reasoning. en-us Mon, 26 Oct 2020 00:00:00 +0530 Thu, 29 Oct 2020 09:27:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400134 Section 5(1) of the Prevention of Money Laundering Act permits provisional attachment only when the authorised officer records written reasons, on material in possession, that the person holds proceeds of crime and that those proceeds are likely to be concealed, transferred or otherwise dealt with to frustrate confiscation. The two requirements are cumulative, so possession of proceeds of crime does not by itself establish the further likelihood under clause (b). Where the attachment order lacked separate reasons on that point, the attachment could not be sustained. Conditional directions preserving attachment through indemnity bonds and restraint on release were also inconsistent with the statutory scheme and with the Tribunal's own reasoning. Case-Laws Money Laundering Mon, 26 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400134