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Section 10 Prevention of Money-laundering Act: Management of properties confiscated

Section 10 (Management of properties confiscated under this Chapter) under Chapter III (Attachment, Adjudication and Confiscation) of the Prevention of Money-laundering Act, 2002 —

❝(1) The Central Government may, by order published in the Official Gazette, appoint as many of its officers (not below the rank of a Joint Secretary to the Government of India) as it thinks fit to perform the functions of an Administrator.

(2) The Administrator appointed under sub-section (1) shall receive and manage the property in relation to which an order has been made under sub-section (5) or sub-section (6) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60 in such manner and subject to such conditions as may be prescribed.

(3) The Administrator shall also take such measures, as the Central Government may direct, to dispose of the property which is vested in the Central Government under section 9.❞



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Notes:

The Prevention of Money-laundering Act, 2002 (Act No. 15 of 2003) was amended by:

1. Prevention of Money-Laundering (Amendment) Act, 2005 (No. 20 of 2005) (w.e.f. 01-7-2005);
2. Prevention of Money-Laundering (Amendment) Act, 2009 (No. 21 of 2009) (w.e.f. 01-6-2009);
3. Prevention of Money-Laundering (Amendment) Act, 2012 (No. 02 of 2013) (w.e.f. 15-2-2013);
4. Finance Act, 2015 (No. 20 of 2015) (w.e.f. 14-5-2015);
5. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (No. 22 of 2015) (w.e.f. 1-4-2016);
6. Finance Act, 2016 (No. 28 of 2016) (w.e.f. 01-6-2016);
7. Finance Act, 2018 (No. 13 of 2018) (w.e.f. 19-4-2018);
8. Prevention of Corruption (Amendment) Act, 2018 (No. 16 of 2018) (w.e.f. 26-7-2018).

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