(1) An account forfeiture notice lapses if—
(a) an objection is made within the period for objecting specified in the notice;
(b) an application is made under section 29Y for the forfeiture of money held in the frozen account; or
(c) an order is made under section 29T setting aside the relevant account freezing order.
(2) Where an account forfeiture notice lapses under subsection (1)(a), the account freezing order ceases to have effect at the end of the period of 72 hours starting with the making of the objection.
(3) Where within the 72 hour period an application is made—
(a) for a variation of the account freezing order under section 29T so as to extend the period specified in the order; or
(b) for forfeiture of money held in the frozen account under section 29Y,
the order continues to have effect until the relevant time.
(4) In subsection (3), “relevant time” means—
(a) if an extension is granted, the time determined under section 29S(4); or
(b) if an extension is not granted, the time when the application is determined or otherwise disposed.
(5) Where within the 72 hour period it is decided that no application is made under subsection (3), a police officer or financial investigator of the Financial Intelligence Authority shall, as soon as possible, notify the financial institution with which the account is maintained of that decision.
(6) Where the financial institution is notified under subsection (5) before the expiry of the 72 hour period, the account freezing order ceases to have effect on the financial institution being notified.
(Inserted by Act 18 of 2023)