New Delhi: A proposal to make amendments in the Unlawful Activities (Prevention) Act to effectively combat terror financing and money laundering and declare such crime as terrorist acts is likely to be discussed by the government this week.
If the Cabinet approves the Home Ministry`s proposal, a bill incorporating all amendments will be tabled in the ongoing monsoon session of Parliament.
Through the proposed amendment, the government intends to make Unlawful Activities (Prevention) Act more effective in preventing unlawful financial activities, terror financing, money laundering and circulation of fake Indian currency.
The Bill enhances from two years to five years the period for which an association involved in terrorist acts, including terror financing, will be declared unlawful.
It widens the definition of "terrorist act" by including activities that threaten the economic security of India and damage its monetary stability by production, smuggling or circulation of `high quality` counterfeit currency.
Through the amendment, government wants to confer more powers upon the court to provide for attachment or forfeiture of property equivalent to the counterfeit Indian currency involved in the offence, property equivalent to the value of the proceeds of terrorism involved in the offence besides others.
The provisions have been incorporated in the UA(P) Amendment Bill which was first introduced in Lok Sabha on December 29, 2011. The Bill was referred to the Standing Committee on Home Affairs on January 13.