Which of the following statements correctly reflects the power of the authorities under the PMLA regarding provisional attachment of property?

According to Section 5(1) of the PMLA, 2002, the Director or any officer not below the rank of Deputy Director, on the basis of material in their possession and having reason to believe (recorded in writing) that any person is in possession of proceeds of crime, can provisionally attach such property. • The property must be involved in money laundering. • Such provisional attachment is valid for 180 days, pending adjudication. • The intention is to prevent transfer or concealment of assets suspected to be proceeds of crime. This provision is a preventive measure and can be invoked before conviction or even trial, to secure the assets.