New South Wales Consolidated Acts

CRIMINAL ASSETS RECOVERY ACT 1990 - SECT 48A

48A Freezing notices

(1) The Commissioner for the Commission may give a freezing notice to a financial institution in relation to a person's account if the Commissioner--

(a) is satisfied the person is a relevant person, and

(b) reasonably suspects funds in the account will be withdrawn, transferred or otherwise disposed of before--

(i) the Commission makes an application for a restraining order applying to the funds, or

(ii) the Supreme Court determines an application for a restraining order applying to the funds.

(2) The financial institution must prevent the withdrawal or transfer of funds from the account for the period specified in the freezing notice.

(3) The Commissioner for the Commission may specify a period of no longer than 2 business days in the freezing notice.

(4) The Commissioner for the Commission may give 1 further freezing notice in accordance with this section if--

(a) the Commissioner has applied for a restraining order in relation to the funds held in the account, and

(b) the Supreme Court has not yet determined the application.

(5) A freezing notice given to a financial institution under this section must contain--

(a) the name of the holder of each account subject to the notice, and

(b) the period referred to in subsection (2), and

(c) other information prescribed by the regulations.

(6) The freezing notice takes effect when the financial institution is served with the notice.

(7) The Commissioner for the Commission must give a copy of a freezing notice given to a financial institution under this section to the Law Enforcement Conduct Commission.

(8) In this section--

"relevant person" means a person who--

(a) has engaged in serious crime related activity, or

(b) has acquired serious crime derived property, or

(c) the Commissioner for the Commission reasonably suspects has unexplained wealth exceeding a value of--

(i) for money--$250,000, or

(ii) otherwise--$2,000,000.