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Court Orders for Recovery of Assets

In a major crackdown on money laundering and terrorist financing, the government has introduced new court orders to recover assets from individuals and entities involved in illegal activities. The new laws aim to strengthen the country’s anti-money laundering and counter-terrorism measures.

Exclusion of Property from Interdict

The new laws provide for the exclusion of property from an interdict, which is a court order restraining someone from dealing with or disposing of their property. This means that if a person has been involved in illegal activities, they may not be able to hide or dispose of their assets by using an interdict.

Recording of Interdicts against Title to Certain Properties

The laws also provide for the recording of interdicts against title to certain properties, which means that any attempt to transfer or deal with these properties will be invalid. This is a major step in preventing individuals from hiding their ill-gotten gains and making it difficult for them to engage in further illegal activities.

Contravention of Interdict

The laws also provide for severe penalties for anyone who contravenes an interdict, including imprisonment and fines. This sends a strong message that the government is serious about tackling money laundering and terrorist financing.

Property Seizure Order under Chapter IV

In cases where a person has been involved in illegal activities, the court may issue a property seizure order, which allows the authorities to seize their assets. This means that any assets linked to illegal activities can be recovered and used to compensate victims or to fund anti-terrorism efforts.

Protection of Receiver or Trustee

The laws also provide for the protection of receivers or trustees who are appointed to manage seized assets. This ensures that these individuals have the necessary powers and protections to carry out their duties effectively.

Duration of Interdict

The duration of an interdict can vary depending on the circumstances of each case, but it is typically limited to a specific period of time. Once the interdict has expired, any restrictions on the property will be lifted, and the owner will be free to deal with or dispose of their assets as they see fit.

Confiscation Orders

The laws also provide for confiscation orders, which allow the court to seize and forfeit assets that are linked to illegal activities. These orders can be issued against individuals or entities, and they can be used to recover assets from anyone who has been involved in money laundering or terrorist financing.

Benefit Recovery Orders

The laws also provide for benefit recovery orders, which are designed to recover benefits that have been derived from illegal activities. This means that if someone has profited from illegal activities, they may be required to pay back those profits as part of a court order.

Confiscation and Benefit Recovery Orders Generally; Compensation Orders

The laws provide for a range of confiscation and benefit recovery orders, including compensation orders. These orders can be used to recover assets from individuals or entities that have been involved in illegal activities, and they can also be used to compensate victims of those activities.

Investigative Orders for Criminal Confiscation

The laws provide for a range of investigative orders, including production orders, evidential value of information, and customer due diligence. These orders can be used to gather evidence and recover assets from individuals or entities that have been involved in illegal activities.

Recovered Assets Fund

The laws establish the Recovered Assets Fund, which is designed to manage and invest recovered assets. The fund will be administered by a board of directors, and it will be used to support anti-terrorism efforts and to compensate victims of terrorist financing.

Asset Management Unit (AMU)

The laws also provide for an Asset Management Unit (AMU), which will be responsible for managing and investing seized assets. The AMU will have the power to appoint staff and agents, and it will be required to report its activities to the relevant authorities.

Overall, these new laws are designed to strengthen the country’s anti-money laundering and counter-terrorism measures, and they provide a range of tools for law enforcement agencies to recover assets from individuals and entities involved in illegal activities.