The Governor, or whoever is acting in his place, shall order the Freezing of funds, which are suspected to be linked to the Crime, with Financial Institutions licensed by the Central Bank for a period of no more than (7) seven working days, in the case of the FIU’s requests based on its analysis of STRs and other information received.
The FIU shall, in the event of taking the decision mentioned in Clause (1) of this Article, do the following:
Notify the concerned Financial Institution to perform the Freezing order without prior notice to the owner of the funds.
Notify the public prosecutor, in case the Governor requests extending the Freezing order, including the justifications of such extension.
The FIU, after presenting to the Governor, shall notify the concerned Financial Institution of the cancelation of the Freezing order in case the public prosecutor refuses the extension or after expiry of the period specified in Clause (1) of this Article without receiving a response from the public prosecutor
The Financial Institution, which holds the frozen funds, shall notify the owner of the frozen funds of the Freezing order and its sources, and shall request the owner to provide the required documents that prove the legitimacy of the source of these funds and refer these documents to the FIU to take the required actions.
The Governor shall submit a proposal to the public prosecutor to cancel the extension of the Freezing order once there are no grounds to such freeze in order for the public prosecutor to take actions as he deems appropriate.
The fund freezing orders shall not be executed by Financial Institutions licensed by the Central Bank unless they are issued by it.