48AFreezing notices

#### 48A Freezing notices 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 (b) reasonably suspects funds in the account will be withdrawn, transferred or otherwise disposed of before— 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. > > **s 48A:** Ins 2022 No 55, Sch 3\[25\].