Section 34: Freezing order on banks or other financial institutions.

(1) Notwithstanding anything contained in any other enactment or law, the Chairman of the Commission or any officer authorised by him may, if satisfied that the money in the account of a person is made through the commission of an offence under this Act and or any of the enactments specified under section 7 (2) (a)- (f) of this Act, apply to the Court ex-parte for power to issue an order as specified in Form B of the Schedule to this Act, addressed to the manager of the bank or any person in control of the financial institution or designated non-financial institution where the account is or believed by him to be or the head office of the bank, other financial institution or designated non-financial institution to freeze the account.
(2) The Chairman of the Commission, or any other authorised by him may by an order issued under subsection (1) of this section, direct the bank, other financial institution or designated non-financial institution to supply any information and produce books and documents relating to the account and to stop all outward payment, operations or transactions (including any bill of exchange) in respect of the account of the person.
(3) The manager or any other person in control of the financial institution shall take necessary steps to comply with the requirements of the order made pursuant to subsection (2) of this section.
(4) In this section-
(a) "bank" has the meaning given to it in the Banks and Other Financial Institutions Act, 1991 as amended, 1991 No. 25;
(b) the reference to an order issued includes a reference to any order, direction or requirement addressed to the manager of a bank or any other officer of a bank which directs or purports to direct the manager or such officer to stop all outward payments, operations or transactions in respect of any account with the bank.