Section 51
Seizure of movable property in financial institution
of Act 627
Where the Bank is satisfied on information given by an investigating officer that any movable property, including any monetary instrument or any accretion to it, which is the subject matter of an offence under this Act or evidence in relation to the commission of such offence, is in the possession, custody or control
46 Laws of Malaysia Act 627
of a financial institution, the Bank may, notwithstanding any other law or rule of law, by order direct the financial institution not to part with, deal in, or otherwise dispose of such property or any part of it until the order is revoked or varied.
(2)
A financial institution or any agent or officer of a financial institution shalJ not, on account of complying with an order under subsection (1), be liable to any prosecution under any law or to any proceedings or claim by any person under any law or under any contract, agreement, or arrangement, or otherwise.
(3)
Any person who fails to comply with an order under subsection
(1)
commits an offence.
(4)
In this section, “monetary instrument” includes the domestic currency or any foreign currency, travellers’ cheque, personal cheque, bank cheque, money order, investment security or negotiable instrument in bearer form or otherwise in such form that title to it passes upon delivery or upon delivery and endorsement.