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Section 9 Prevention of Money-laundering Act: Vesting of property in Central Govt

Section 9 (Vesting of property in Central Government) under Chapter III (Attachment, Adjudication and Confiscation) of the Prevention of Money-laundering Act, 2002 —

❝Where an order of confiscation has been made under sub-section (5) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60 in respect of any property of a person, all the rights and title in such property shall vest absolutely in the Central Government free from all encumbrances:

 Provided that where the Special Court or the Adjudicating Authority, as the case may be, after giving an opportunity of being heard to any other person interested in the property attached under this Chapter, or seized or frozen under Chapter V, is of the opinion that any encumbrance on the property or or lease-hold interest has been created with a view to defeat the provisions of this Chapter, it may, by order, declare such encumbrance or lease-hold interest to be void and thereupon the aforesaid property shall vest in the Central Government free from such encumbrances or lease-hold interest:

 Provided further that nothing in this section shall operate to discharge any person from any liability in respect of such encumbrances which may be enforced against such person by a suit for damages.❞



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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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