52. Amendment of section 58

Section 58 of the principal Act is amended—

(a)

in subsection (2)—

(i)

by substituting for the word “apply” the words

“refer the claim”;

(ii)

by substituting for the words “Sessions Court” the words “High Court”; and

(iii)

by substituting for the word “court” wherever it appears the word “Court”; and

(b)

by inserting after subsection (4) the following subsection:

“(5) In this section, “purchaser in good faith for valuable consideration” means any transferee, assignee, chargee, mortgagee, pledgee, holder of a lien, or lessee, of any property where the transfer, assignment, charge, mortgage, pledge, lien, or lease was obtained by him for adequate valuable consideration in money or money’s worth, without notice—

(a)

that the property is—

(i)

the subject-matter or evidence relating to the commission of an offence under subsection 4(1) or a terrorism financing offence;

(ii)

terrorist property;

(iii)

the proceeds of an unlawful activity;

(iv)

the instrumentalities of an offence;

(b)

of any circumstances from which, if reasonable inquiries had been made, it might have been discovered that the property is—

(i)

the subject-matter or evidence relating to the commission of an offence under subsection 4(1) or a terrorism financing offence;

(ii)

terrorist property;

(iii)

the proceeds of an unlawful activity;

(iv)

the instrumentalities of an offence.”.

Report

Read on from s 53