Section 132Part 2 — The Financial Reporting Authority
General interpretation
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In this Part refere nces to a person disposing of that person’s property include a reference —
to that person’s disposing of a part of it; or
to that person’s granting an interest in it, or to both; and references to the property disposed of are to any property obtained on the disposal.
A person who makes a payment to another shall be considered as making a disposal of that person’s property to the other, whatever form the payment takes.
Where a person ’ s property passes to another under a will or intestac y or by operation of law, it shall be considered as disposed of by that person to the other.
A person is considered as having obtained that person’s property for value in a case where that person gave unexecuted consideration if the consideration has b ecome executed consideration.
For the purpose of deciding whether or not property was recoverable at any time (including times before commencement), it is to be assumed that this Part was in force at that and any other relevant time.
Any reference to a person ’ s property (whether expressed as a reference to the property that person holds or otherwise) is to be construed as set out in the following subsections.
In relation to land, it is a reference to any interest which that person holds in the l and.
In relation to property other than land, it is a reference —
to the property (if it belongs to that person ); or
to any other interest which that person holds in the property.
References to the satisfaction of the right of the Director of Public Prosecutions ’ right to recover property obtained through unlawful conduct are to be read in accordance with section 110 .
In this Part —
“ dealing ” with property includes disposing of it, taking possession of it or removing it from the Islands;
“ right to recover ” shall be construed in accordanc e with the meaning of recoverable property in this Act . Part 5 - Money Laundering and Other Criminal Conduct - Offences