How does Section 53 of AMLATFPUAA 2001 apply to these assets?

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Section 53 of AMLATFPUAA 2001 Allows For Asset Freezing Based on Undeclared Holdings

Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA 2001) provides the legal basis for the Malaysian Anti-Corruption Commission (MACC) to apply for and obtain ex-parte orders to freeze assets that are suspected to be proceeds of unlawful activities or have not been declared. An ex-parte order is a court order granted without prior notice to the opposing party, typically used in urgent situations to prevent the disposal of assets.

In this instance, the MACC utilized Section 53 of AMLATFPUAA 2001 to secure an order to freeze assets valued at £132 million in London, which include commercial buildings, luxury residences, residential units, and a bank account allegedly linked to The Ilham Foundation. The commission's application was based on findings that these assets had not been declared. Similarly, a separate application to freeze 12 investment accounts in Singapore, with a total value exceeding RM544 million, was also initiated under the same provision, again citing the undeclared nature of these holdings.

The application of Section 53 of AMLATFPUAA 2001 in these cases stems from the MACC's investigation into assets allegedly owned by Tun Daim Zainuddin, his family, and associates. Following the receipt of new information from external agencies, eight investigation papers were opened. This information indicated that assets belonging to Daim, his family, and associates were not declared to the MACC during their 2023 investigation, providing the grounds for the commission to seek freezing orders under the Act to prevent any potential disposal of these undeclared assets.

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How does Section 53 of AMLATFPUAA 2001 apply to these assets?

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