Assets of those designated by a Competent Authority as engaged in terrorist activity will be liable for seizure, according to new regulations formulated by the External Affairs Ministry.
The regulations have been made by the Minister under the United Nations Act of 1968 and are intended to give effect to a 2001 UN Security Council Resolution which sets out wide-ranging strategies to combat terrorism, in particular the financing of terrorism.
A list of designated persons, groups or entities believed to be linked to terrorism will be published in the Gazette based on the recommendations of the Competent Authority, according to the regulations.
The CA will be appointed by the External Affairs Minister in consultation with the Minister of Defence.
Once the names are designated, the CA will have the power to freeze all funds, financial assets and economic resources belonging, owned or held by such a person or groups.