Criminal Assets Confiscation Act 2005

Subject to this section, a freezing order ceases to be in force on—

the making of a restraining order in respect of the money in the account; or

the expiration of the period of 7 days commencing when the freezing order takes effect, whichever occurs first.

An authorised police officer may apply to a magistrate for an extension of the duration of a freezing order.

On an application under subsection (2), the magistrate—

must have regard to the matters specified in section 17(2)(a) (and may have regard to any matter specified in section 17(2)(b)); and

must not extend the duration of the freezing order unless satisfied that an application for a restraining order in respect of the money in the account is to be made or has been made but not yet determined.

An extension of the duration of a freezing order issued in relation to an account at a financial institution takes effect on the date and at the time that notice of the extension is given to the financial institution in accordance with this section.

Notice of the extension may be given to a financial institution by giving the financial institution a notice in the prescribed form.

If the duration of a freezing order is extended in accordance with this section, the freezing order ceases to be in force when the application for the restraining order referred to in subsection (3)(b) has been determined (and if a restraining order is not made in respect of the money in the account, the applicant for the extension must give the financial institution a notice in the prescribed form advising the financial institution of the cessation of the freezing order).