freeze order of deposits:-Saturday, February 11, 2012
Section 10. Authority to Freeze. – Upon determination that probable cause exists that any deposit or similar account is in any way related to an unlawful activity, the AMLC may issue a freeze order, which shall be effective immediately, on the account for a period not exceeding fifteen (15) days.
Notice to the depositor that his account has been frozen shall be issued simultaneously with the issuance of the freeze order.
The depositor shall have seventy-two (72) hours upon receipt of the notice to explain why the freeze order should be lifted.
The AMLC has seventy-two (72) hours to dispose of the depositor's explanation. If it falls to act within seventy-two (72) hours from receipt of the depositor's explanation, the freeze order shall automatically be dissolved.
The fifteen (15)-day freeze order of the AMLC may be extended upon order of the court, provided that the fifteen (15)-day periodUpon determination that probable cause exists that any deposit or similar account is in any way related to an unlawful activity, shall be tolled pending the court's decision to extend the period.
No court shall issue a temporary restraining order or writ of injunction against any freeze order issued by the AMLC except the Court of Appeals or the Supreme Court...
the law states that is only "Upon determination that probable cause exists that any deposit or similar account is in any way related to an unlawful activity," that the AMLC can issue a freeze order...but how can it make that determination... when it has no authority to inquire into bank deposits without order of a competent court in a case involving a violation of the anti-money laundering Act...
does it mean that the AMLC must make such a determination on the basis of facts from available from sources outside of the bank deposits themselves...after all, it has authority to look into the identity of the owner of the account and also it can look into whether or not such owner has a business or financial capacity to own the account...
Notice to the depositor that his account has been frozen shall be issued simultaneously with the issuance of the freeze order.
The depositor shall have seventy-two (72) hours upon receipt of the notice to explain why the freeze order should be lifted.
The AMLC has seventy-two (72) hours to dispose of the depositor's explanation. If it falls to act within seventy-two (72) hours from receipt of the depositor's explanation, the freeze order shall automatically be dissolved.
The fifteen (15)-day freeze order of the AMLC may be extended upon order of the court, provided that the fifteen (15)-day periodUpon determination that probable cause exists that any deposit or similar account is in any way related to an unlawful activity, shall be tolled pending the court's decision to extend the period.
No court shall issue a temporary restraining order or writ of injunction against any freeze order issued by the AMLC except the Court of Appeals or the Supreme Court...
the law states that is only "Upon determination that probable cause exists that any deposit or similar account is in any way related to an unlawful activity," that the AMLC can issue a freeze order...but how can it make that determination... when it has no authority to inquire into bank deposits without order of a competent court in a case involving a violation of the anti-money laundering Act...
does it mean that the AMLC must make such a determination on the basis of facts from available from sources outside of the bank deposits themselves...after all, it has authority to look into the identity of the owner of the account and also it can look into whether or not such owner has a business or financial capacity to own the account...
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