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                                              <b>
                                              <span style="font-family: Arial">
                                              RESTRICTION ON TRANSFER OF ASSETS 
                                              ACT, 1970 (ACT 323)</span></b></p>
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                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
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                                              <span style="font-family: Arial">
                                              Section</span></p>
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                                              <span style="font-family: Arial">
                                              1. Minister of Finance may 
                                              Restrict Transfer or other 
                                              Disposal of Assets of certain 
                                              Persons in Prescribed 
                                              Circumstances.</span></p>
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                                              <span style="font-family: Arial">
                                              2. Bank Accounts, etc.</span></p>
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                                              <span style="font-family: Arial">
                                              3. Penalty for Contravention.</span></p>
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                                              4. Bankers and Others to give 
                                              Information.</span></p>
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                                              <span style="font-family: Arial">
                                              5. Offences by Bodies of Persons.</span></p>
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                                              <span style="font-family: Arial">
                                              6. A Restriction may be Imposed 
                                              under Section 1 in respect of 
                                              Persons falling under Prescribed 
                                              Categories before Commencement of 
                                              this Act.</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial; font-weight: 700">
                                              THE THREE HUNDRED AND TWENTY-THIRD</span></p>
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                                              <b></p>
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                                              <span style="font-family: Arial; font-weight: 700">
                                              ACT OF THE PARLIAMENT OF THE 
                                              REPUBLIC OF GHANA</span></p>
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                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              THE RESTRICTION ON TRANSFER OF 
                                              ASSETS ACT, 1970</span></b></p>
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                                              <span style="font-family: Arial">
                                              AN ACT to provide for the 
                                              imposition of restrictions on the 
                                              transfer or other disposal of the 
                                              assets of certain persons in 
                                              prescribed circumstances and for 
                                              other purposes connected 
                                              therewith.</span></p>
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                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 7th April, 1970</span></p>
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                                              <span style="font-family: Arial">
                                              BE IT ENACTED by the Presidential 
                                              Commission and the National 
                                              Assembly in this present 
                                              Parliament assembled as follows:&#8212;</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Minister of Finance may 
                                              Restrict Transfer or other 
                                              Disposal of Assets of certain 
                                              Persons in Prescribed 
                                              Circumstances.</span></b></p>
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                                              <span style="font-family: Arial">
                                              The Minister responsible for 
                                              Finance hereafter in this Act 
                                              referred to as &quot;the Minister&quot; may, 
                                              by Gazette notice, impose 
                                              restrictions on the transfer or 
                                              other disposal of the assets 
                                              generally or any particular assets 
                                              specified in the Gazette notice, 
                                              of any person in all or any of the 
                                              following circumstances:&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              (a) where a Commission or 
                                              Committee of Inquiry is conducting 
                                              an investigation into the 
                                              activities or assets of that 
                                              person,</span></p>
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                                              <span style="font-family: Arial">
                                              (b) where that person or his 
                                              personal representative has been 
                                              required under the Financial 
                                              Administration Decree, 1967 (N.L.C.D. 
                                              165), to pay any money to the 
                                              Government or to account to the 
                                              Government for any money or apply 
                                              any public money for a particular 
                                              purpose and has not so applied it,</span></p>
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                                              <span style="font-family: Arial">
                                              (c) where that person is being 
                                              prosecuted or is being 
                                              investigated for an offence 
                                              involving misappropriation or 
                                              dissipation of public funds,</span></p>
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                                              <span style="font-family: Arial">
                                              (d) where that person is being 
                                              sued by the Government for the 
                                              recovery of public funds, and</span></p>
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                                              <span style="font-family: Arial">
                                              (e) where the Cabinet is satisfied 
                                              in respect of that person that it 
                                              is in the public interest so to 
                                              do:</span></p>
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                                              <span style="font-family: Arial">
                                              Provided that any restriction 
                                              under paragraph (e) of this 
                                              section shall not be imposed for a 
                                              period of more than three months 
                                              in the first instance subject to 
                                              renewal for further periods of 
                                              three months in each instance.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Bank Accounts, Etc.</span></b></p>
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                                              <span style="font-family: Arial">
                                              In the case of any account kept 
                                              with any banker or any security or 
                                              thing deposited with or any 
                                              document relating thereto kept 
                                              with a banker by any person to 
                                              whom all or any of the provisions 
                                              of paragraphs (a), (b), (c), (d) 
                                              and (e) of section 1 of this Act 
                                              apply the Minister may, without 
                                              prejudice to the general effect of 
                                              the said section, impose 
                                              restrictions on&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              (a) the withdrawal of any money 
                                              from the said account by any 
                                              person or the obtaining of any 
                                              such security, thing or document 
                                              by any person from the banker,</span></p>
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                                              <span style="font-family: Arial">
                                              (b) the payment out of the bank 
                                              account by the banker of any money 
                                              or the delivery to any person of 
                                              any such security, thing or 
                                              document.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Penalty for 
                                              Contravention.</span></b></p>
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                                              <span style="font-family: Arial">
                                              Any person who contravenes any of 
                                              the provisions of this Act or the 
                                              terms imposed in any Gazette 
                                              notice published pursuant to the 
                                              provisions of this Act shall be 
                                              guilty of an offence and shall on 
                                              conviction be liable to a fine not 
                                              exceeding N¢10,000 or a term of 
                                              imprisonment not exceeding three 
                                              years or both, and shall also be 
                                              liable to a fine not exceeding 
                                              N¢100 in respect of each day on 
                                              which the offence continues.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Bankers and Others to 
                                              give Information.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) It shall be the duty of any 
                                              banker requested in writing by the 
                                              Minister so to do to give any 
                                              information in his knowledge or 
                                              possession concerning any bank 
                                              account to which section 2 of this 
                                              Act relates or any security, thing 
                                              or document referred to in that 
                                              section.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) It shall be the duty of any 
                                              person (including a banker) to 
                                              give any information in his 
                                              knowledge or possession concerning 
                                              any activities, assets, moneys or 
                                              public funds referred to in 
                                              paragraph (a), (b), (c) or (d) of 
                                              section 1 of this Act which may 
                                              reasonably be requested from him 
                                              in writing by the Minister for any 
                                              of the purposes referred to in the 
                                              said paragraphs.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) Any person who&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              (a) without reasonable excuse 
                                              proof of which shall be on him, 
                                              fails to comply with a request 
                                              made by the Minister under this 
                                              section, or</span></p>
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                                              <span style="font-family: Arial">
                                              (b) gives in response to any such 
                                              request any information which he 
                                              knows to be false or which he has 
                                              no reason to believe to be true,</span></p>
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                                              <span style="font-family: Arial">
                                              shall be guilty of an offence and 
                                              shall be liable on summary 
                                              conviction to a fine not exceeding 
                                              N¢200 or to a term of imprisonment 
                                              not exceeding one year or to both; 
                                              and to a further fine not 
                                              exceeding N¢10 for each day on 
                                              which the offence continues.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Offences by Bodies of 
                                              Persons.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) Where an offence under section 
                                              4 of this Act is committed by a 
                                              body of persons then&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              (a) in the case of a body 
                                              corporate other than a 
                                              partnership, every director and 
                                              officer of that body shall be 
                                              deemed also to be guilty of the 
                                              offence,</span></p>
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                                              <span style="font-family: Arial">
                                              (b) in the case of a partnership, 
                                              every partner shall also be deemed 
                                              to be guilty of the offence.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) No person shall be deemed to 
                                              be guilty of an offence by virtue 
                                              of subsection (1) of this section 
                                              if he proves that the offence was 
                                              committed without his consent or 
                                              connivance by a person other than 
                                              himself and that he exercised all 
                                              due diligence to prevent the 
                                              commission of the offence having 
                                              regard to all the circumstances.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;A Restriction may be 
                                              Imposed under Section 1 in respect 
                                              of Persons falling under 
                                              Prescribed Categories before 
                                              Commencement of this Act.</span></b></p>
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                                              <span style="font-family: Arial">A 
                                              restriction may be imposed in 
                                              respect of any person to whom any 
                                              of the circumstances set out in 
                                              section 1 of this Act applies 
                                              whether it first applied to him 
                                              before or after the commencement 
                                              of this Act.</span></td>
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