(1) Where an account freezing order made by the Court has effect, a police officer or a financial investigator of the Financial Intelligence Authority shall issue an account forfeiture notice for the purpose of forfeiting money if satisfied that the money—
(a) is recoverable property; or
(b) is used in, or in connection with or is intended to be used in or in connection with, by a person in criminal conduct.
(2) An account forfeiture notice under subsection (1) must—
(a) state the amount of money held in the frozen account which it is proposed be forfeited;
(b) confirm that the police officer or a financial investigator of the Financial Intelligence Authority is satisfied as under subsection (1);
(c) specify a period for objecting to the proposed forfeiture and an address to which any objections must be sent; and
(d) explain that the money will be forfeited by an order of the Court, unless an objection is received at the address under paragraph (c) within the period for objecting.
(3) The period for objecting under subsection (2)(c) is within 30 days starting with the date after the forfeiture notice is issued.
(4) Where an objection is not made within the period specified under subsection (3), and the notice has lapsed under section 29X, the District Court may make a forfeiture order under section 29Y that—
(a) the amount of money stated in the notice is forfeited;
(b) the financial institution with which the frozen account is maintained must transfer that amount of money into the Fund; and
(c) immediately after the transfer has been made, the account freezing order made in relation to the frozen account ceases to have effect.
(5) An objection to a forfeiture order made under section 29Y may be made by a person—
(a) in writing and sent to the address specified in the notice;
(b) is made when it is received at the address specified in the forfeiture notice.
(6) An objection under subsection (5) does not prevent the forfeiture of the money held in a frozen account under section 29Y.
(Inserted by Act 18 of 2023)