Restriction on Transfer of Assets Act, 1970 Act 323 (Revised Edition)

ACT 323
Restriction on Transfer of Assets Act, 1970
ACT 323
RESTRICTION ON TRANSFER OF ASSETS ACT, 1970
ARRANGEMENT OF SECTIONS
SECTION
1. Restriction on transfer. 2. Bank accounts. 3. Penalty for contravention. 4. Information by bankers. 5. Offences. 6. Further lestrictions. ACT 323
RESTRICTION ON TRANSFER OF ASSETS ACT, 1970’
AN ACT to provide for the imposition of restrictions on the transfer or other dis
posal of the assets of certain persons in prescribed circumstances and for related
matters. 1.

imposition of restrictions on the transfer or other dis
posal of the assets of certain persons in prescribed circumstances and for related
matters. 1.

Restriction on transfer
The Minister responsible for Finance may, by, legislative instruments, impose restric
tions on the transfer or any other disposal of the assets generally or any particular assets
specified in the instrument of a person in all or any of the following circumstances:
(a) where a Commission or Committee of Inquiry is conducting an investiga
tion into the activities or assets of that person,
(b) where that person or the personal representative of that person has been
required under the Financial Administration Act, 2003 (Act 654) to pay
money to the Government or to account to the Government for any money
or apply a public money for a particular purpose and has not so applied it,
(c) where that person is being prosecuted or is being investigated for an of
fence involving misappropriation or dissipation of public funds,
(d) where that person is being sued by the Government for the recovery of
public funds, and
(e) where the Cabinet is satisfied in respect of that person that it is in the pub
lic interest so to do.

rnment for the recovery of
public funds, and
(e) where the Cabinet is satisfied in respect of that person that it is in the pub
lic interest so to do.

(2) A restriction under paragraph (e) of subsection (1) shall not be imposed for a pe
riod of more than three months in the first instance subject to renewal for further periods
of three months in each instance. 1. The Act was assented to on 7th April, 1970. VII —201 [Issue 1]

st instance subject to renewal for further periods
of three months in each instance. 1. The Act was assented to on 7th April, 1970. VII —201 [Issue 1]

ACT 323
Restriction on Transfer ofAssets Act, 1970
2. Bank accounts
in the case of an account kept with a banker or a security or thing deposited with or a
document relating the security or thing kept with a banker by a person to whom all or any
of the provisions of paragraphs (a), (b), (cf (d) and (e) of section I apply, the Minister
may, without prejudice to the general effect of the section 1, impose restrictions on
(a) the withdrawal of money from that account by a person or the obtaining of
the security, thing or document by a person from the banker,
(b) the payment out of the bank account by the banker of money or the deliv
ery to a person of that security, thing or document. 3. Penalty for contravention
A person who contravenes any of the provisions of this Act or the terms imposed in
legislative instrument pursuant to this Act commits an offence and is liable on conviction
to a fine not exceeding seven hundred and fifty penalty units or to a term of imprisonment
not exceeding three years or both the fine and the imprisonment and to a fine not exceed
ing twenty-five penalty units for each day during which the offence continues. 4.

years or both the fine and the imprisonment and to a fine not exceed
ing twenty-five penalty units for each day during which the offence continues. 4.

Information by bankers
(1) A banker requested in writing by the Minister so to do shall give the information
which to the knowledge of, or in possession of that person concerning a bank account to
which section 2 relates or a security, thing or document referred to in that section. (2) A person, including a banker, shall give an information in the knowledge or posses
sion of that person the concerning the activities, assets, moneys or public funds referred to
in paragraphs (a), (b), (c), or (d) of section 1 which may reasonably be requested from that
person in writing by the Minister for any of the purposes referred to in those paragraphs.

d) of section 1 which may reasonably be requested from that
person in writing by the Minister for any of the purposes referred to in those paragraphs.

(3) A person who
(a) without reasonable excuse the proof of which lies on that person, fails to
comply with a request made by the Minister under this section, or
(b) gives in response to the request an information which that person knows to
be false or which that person does not believe to be true,
commits an offence and is liable on summary conviction to a fine not exceeding two hun
dred and fifty penalty units or to a term of imprisonment not exceeding one year or to
both the fine and the imprisonment, and to a further fine not exceeding ten penalty units
for each day during which the offence continues. 5. Offences
(1) Where an offence under section 4 is committed by a body of persons,
(a) in the case of a body corporate other than a partnership, every director and
officer of that body shall be deemed to have committed that offence,
(b) in the case of a partnership, every partner shall be deemed to have commit
ted that offence. [Issue 1] vn — 202

ed to have committed that offence,
(b) in the case of a partnership, every partner shall be deemed to have commit
ted that offence. [Issue 1] vn — 202

ACT 323
Restriction on Transfer ofAssets Act, 1970
(2) A person shall not be convicted of an offence by virtue of subsection (1) if it is
proved that the offence was committed, without the consent or connivance of that person,
by another person and that due diligence was exercised to prevent the commission of the
offence having regard to the circumstances.
6. Further restrictions
A restriction may be imposed in respect of a person to whom any of the circumstances
set out in section 1 applies whether it first applied before or after the commencement of
this Act.
VII — 203 [Issue 1]