- 6 Marks
Question
The National Drug Law Enforcement Agency has certain powers over bank accounts pursuant to the Money Laundering (Prohibition) Act.
Required:
State THREE powers that the Agency may exercise to identify and locate proceeds of property or things related to commission of offence.
Answer
The National Drug Law Enforcement Agency, under the Money Laundering (Prohibition) Act, may exercise the following powers:
- Power to obtain a court order to freeze bank accounts where there is suspicion that the account contains the proceeds of crime.
- Power to demand information from financial institutions regarding the identity of persons involved in transactions and the nature of such transactions.
- Power to seize, attach, or confiscate property believed to be connected to the proceeds of crime or used in the commission of a crime.
- Topic: Law Relating to Banking
- Series: MAY 2017
- Uploader: Kwame Aikins