The Modi government on Tuesday introduced a Bill in the Lok Sabha to amend a 2005 law and ban the financing of proliferation of weapons of mass destruction (WMD).
The Bill will amend the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005, in accordance with the recommendations of the Financial Action Task Force (FATF) and the United Nations Security Council’s targeted financial sanctions.
The 2005 law was enacted to prohibit unlawful activities in relation to weapons of mass destruction or WMDs and their delivery systems. But it did not have adequate provision to ban the financing of proliferation of the WMDs.
Earlier, the Directorate General of Foreign Trade and other government agencies mandated to enforce export control regimes blocked attempts by the entities based in West Asia and Africa to source sensitive items from India for clients tainted for being involved in the illegal trade of WMD materials.
The Bill empowers the government to freeze, seize, and attach funds or other assets to prevent WMD financing.
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