New Powers for Financial Crime Investigators
In an effort to enhance its efforts against financial crimes, the government has introduced amendments to several sections of the principal act. These changes aim to streamline the investigation process and provide authorities with more effective tools to combat financial fraud.
New Search Powers
One of the key amendments is the introduction of new powers for competent authorities to search for tainted property. Under the revised section 90, a magistrate can issue a warrant to search a person, land or premises if there are reasonable grounds to suspect that tainted property may be found within the next 72 hours.
Relaxed Warrant Requirements
Additionally, the amendments have relaxed the requirements for issuing warrants in cases where information has not been laid against the relevant offence. Under the revised section 94, a magistrate can issue a warrant only if satisfied that:
- Information will be laid within 48 hours
- The property is tainted
Improved Asset Management
The changes also aim to improve the management of seized assets by introducing new powers for appointed persons to apply for directions on any question respecting the management or preservation of such assets. The amendments also provide for restraining orders to be served on all persons known to have an interest in the order, giving them the right to appear and be heard at a hearing.
Other Changes
Other changes include updates to sections:
- 96: Improves procedures for investigations
- 99: Enhances powers of investigators
- 101: Streamlines asset forfeiture processes
- 102: Clarifies roles and responsibilities
- 107: Updates definitions for financial crime terms
- 108: Simplifies procedures for obtaining information
- 110: Strengthens penalties for non-compliance
- 111: Improves transparency in investigations
- 112: Enhances cooperation between authorities
Justification for Changes
The government has justified the changes as necessary to stay ahead of evolving threats to the financial system and to protect the public’s interest in a stable and secure economic environment.