https://www.taxtmi.com/caselaws?id=458061 Freezing, retention and provisional attachment under the Prevention of Money Laundering Act operate only where the statutory preconditions are strictly met, including recorded reasons to believe, compliance with prescribed procedure and adherence to the distinct fields of search and attachment powers. The article also notes that attachment requires material showing a prima facie nexus between the property and proceeds of crime. On the facts discussed, the Tribunal treated supported business receipts, invoices, statutory records and bank entries as insufficiently linked to proceeds of crime, especially where the person was not named in the scheduled offence or charge-sheeted. The discussed result was release of the bank accounts after the freeze and attachment were found unsustainable. en-us Thu, 29 Aug 2019 00:00:00 +0530 Sat, 05 Oct 2024 21:45:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458061 Freezing, retention and provisional attachment under the Prevention of Money Laundering Act operate only where the statutory preconditions are strictly met, including recorded reasons to believe, compliance with prescribed procedure and adherence to the distinct fields of search and attachment powers. The article also notes that attachment requires material showing a prima facie nexus between the property and proceeds of crime. On the facts discussed, the Tribunal treated supported business receipts, invoices, statutory records and bank entries as insufficiently linked to proceeds of crime, especially where the person was not named in the scheduled offence or charge-sheeted. The discussed result was release of the bank accounts after the freeze and attachment were found unsustainable. Case-Laws Money Laundering Thu, 29 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458061