The International Financial Services Centres Authority (IFSCA) on November 22, 2023, issued a notification regarding the Procedure for implementation of Section 12A of "The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005" and Section 51A of Unlawful Activities (Prevention) Act, 1967.
In this regard, the Department of Revenue, Ministry of Finance, vide F.No. P12011/14/2022-ES Cell-DOR has issued an Office Memorandum dated 20th October 20, 2023, on procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005, wherein it has been clarified that the sanctions against any person or entity shall be imposed ‘without delay’ i.e. on the same business day but not later than 24 hours in any case. The O.M. is available at https://fiuindia.gov.in/pdfs/AML_legislation/OM20102023.pdf.
All Regulated Entities in GIFT-IFSC are advised to adhere to the aforesaid OM dated October 20, 2023.
[Notification No. 1110/IFSCA/Div. of AML & CFT/WMD Act/2023-24/01]
