sec.22Meaning of illegally acquired property

### sec.22 Meaning of illegally acquired property Property is illegally acquired property if it is all or part of the proceeds of an illegal activity. Property is also illegally acquired property if— it is all or part of the proceeds of dealing with illegally acquired property; or all or part of it was acquired using illegally acquired property. For subsection (2) , it does not matter whether the property dealt with or used in the acquisition became illegally acquired property because of subsection (1) or subsection (2) . Subsections (1) and (2) apply whether or not the activity, dealing or acquisition because of which the property became illegally acquired property happened before the commencement of this section. Also, if the proceeds of dealing with illegally acquired property are credited to or placed in an account, the proceeds do not lose their identity as proceeds because they are credited to or placed in an account. Generally, illegally acquired property is used in this chapter, but some provisions, for example, section 28 (3) (c) , use the narrower expression serious crime derived property . This definition applies to the whole Act. See the dictionary. (sec.22-ssec.1) Property is illegally acquired property if it is all or part of the proceeds of an illegal activity. (sec.22-ssec.2) Property is also illegally acquired property if— it is all or part of the proceeds of dealing with illegally acquired property; or all or part of it was acquired using illegally acquired property. (sec.22-ssec.3) For subsection (2) , it does not matter whether the property dealt with or used in the acquisition became illegally acquired property because of subsection (1) or subsection (2) . (sec.22-ssec.4) Subsections (1) and (2) apply whether or not the activity, dealing or acquisition because of which the property became illegally acquired property happened before the commencement of this section. (sec.22-ssec.5) Also, if the proceeds of dealing with illegally acquired property are credited to or placed in an account, the proceeds do not lose their identity as proceeds because they are credited to or placed in an account. Generally, illegally acquired property is used in this chapter, but some provisions, for example, section 28 (3) (c) , use the narrower expression serious crime derived property . This definition applies to the whole Act. See the dictionary. - (a) it is all or part of the proceeds of dealing with illegally acquired property; or - (b) all or part of it was acquired using illegally acquired property.