7.
| (1) A Police Officer not below the rank of Superintendent of Police or in the absence of such an officer an Assistant Superintendent of Police may, where there are reasonable grounds to believe that any person is involved in any activity relating to the offence of money laundering and it is necessary for preventing further acts being committed in relation to such offence, issue an order (hereinafter referred to as a "Freezing Order") prohibiting any transaction in relation to any account, property or investment which may have been used or which may be intended to be used in connection with such offence. |
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| (2) The Freezing Order obtained under subsection (1) shall be issued on-
| | (a) the person who is believed to be involved in the activity referred to subsection (1); and | | |
| | (b) on any other person or institution who or which may be required to give effect to such Order. | | |
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| (3) Subject to the provisions of section 8, a Freezing Order made under subsection (1) shall be in force for a period of seven days of the making thereof. |
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| (4) Any person who acts in contravention of a Freezing Order issued on him, shall be guilty of an offence and shall on conviction after trial before the High Court be liable to a fine not exceeding one hundred thousand rupees or one and a half times the value of the money in such account, property or investment which has been dealt with in contravention of the Freezing Order, whichever is higher or to imprisonment of either description for a period not exceeding one year or to both such fine and imprisonment. |
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Sri Lanka Consolidated Acts