Section 61Part 2 — The Financial Reporting Authority
Seized money
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Where money is held by a person and is held in an account maintained by that person with a bank or a building society and —
a restraint order has effect in relation to money to which this section applies;
a confiscation order is made against the person by whom the money is held;
a receiver has not been appointed under section 52 in relation to the money; and
any period allowed under section 20 for payment of the amount ordered to be paid under the confiscation order has ended, a summary court may order the bank or building society to pay the money to the Clerk of the Court for the court, on account of the amount payable under the confiscation order.
Where a bank or building society fails to comply with an order under subsection (1) —
the summary court may order it to pay an amount of five thousand dollars; and
for the purposes of the Summary Jurisdiction Act (2025 Revision) the sum is to be treated as adjudged to be paid by a conviction of the summary court.
In order to take account of changes in the value of money the Cabinet may by order substitute another sum for the sum for the time being specified in subsection (2)(a).
For the purposes of this section —
a “ bank ” is a deposit - taking business within the meaning of the Banks and Trust Companies Act (2021 Revision); and
“ building society ” has the same meaning assigned by the Building Societies Act (2020 Revision). Exercise of powers