Bill prohibits financing of WMD activities, cites UN and FATF guidelines

It aims to fulfill international obligations by preventing the transfer of such weapons to non-state actors or terrorists.

Who it concerns: Any person (individuals, businesses, or entities) who finances, owns, controls, or holds funds or financial assets related to prohibited activities concerning weapons of mass destruction and their delivery systems.

What the bill does

• Prohibits any person from financing activities prohibited under the 2005 Act, the United Nations (Security Council) Act, 1947, or other relevant laws regarding weapons of mass destruction.
• Empowers the Central Government to freeze, seize, or attach funds, financial assets, or economic resources owned, controlled, or held by persons involved in such financing.
• Allows the Central Government to prohibit any person from making funds or financial services available for the benefit of persons related to prohibited activities.
• Grants the Central Government the power to exercise these measures through authorities assigned under section 7(1) of the existing Act.

Also in the document

• The Bill is an amendment to the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005.
• It cites United Nations Security Council targeted financial sanctions and Financial Action Task Force recommendations as the basis for the amendment.
• The Bill was introduced in the Lok Sabha on March 31, 2022, by Dr. S. Jaishankar, Minister of External Affairs.