Malaysia legislation
Section 58
Section 58
Vesting of forfeited property in the Federal Government
(2)
Where any person who holds any encumbrance to which the property is subject claims that he holds the encumbrance as a purchaser in good faith for valuable consideration and that the encumbrance is not otherwise null and void under any provision of this Act, and the
Federal Government disputes such claim, the Public Prosecutor may refer the claim to the High Court to determine the question and the
Court shall determine the question after giving an opportunity to be heard to the person holding the encumbrance and hearing the reply of the Public Prosecutor to any representations which may be made before that Court by the person holding the encumbrance.
(3)
Where any property is vested in the Federal Government under subsection (1), the vesting shall take effect without any transfer, conveyance, deed or other instrument and where any registration of such vesting is required under any law, the authority empowered to effect the registration shall do so in the name of such public officer, authority, person or body as the Public Prosecutor may specify.
(4)
Where the property vested in the Federal Government under subsection (1) is immovable property, the vesting shall upon
92 Laws of Malaysia production to the Registrar of Titles or the Land Administrator, in
Peninsular Malaysia, or to the Registrar of Titles or the Collector of
Land Revenue, in Sabah or the Registrar of Titles or the Director of
Lands and Surveys, as the case may be, in Sarawak of the order of the court forfeiting the immovable property, or in the case of property forfeited under subsection 55(1), a certificate of the Public Prosecutor certifying that it has been forfeited, be registered in the name of the
Federal Lands Commissioner.
(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; or
(iv)
the instrumentalities of an offence; or
(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; or
Anti-Money Laundering, Anti-Terrorism 93
Financing and Proceeds of Unlawful
Activities
(iv)
the instrumentalities of an offence.
Pecuniary orders