Draft rule on cutting funds for terrorists
Source: Xinhua |
May 25, 2013, Saturday
|
Print Edition
Print Edition
CHINA is seeking public opinion on a draft rule on cutting off funding for terrorist activity as part of the country's efforts to fight terrorism.
Funds and assets used by terrorist groups and facilitators of terrorist activity should be frozen immediately after a list of such groups or people is confirmed by authorities, according to the new draft rule.
The document, drafted by the People's Bank of China, the Ministry of Public Security and the Ministry of State Security, will be open for public discussion until June 23.
The draft rule would put into practice a decision adopted in 2011 by China's top legislature to improve the mechanism for freezing terrorist-related assets.
Li Wei, a research fellow in counterterrorism studies with the China Institute of Contemporary International Relations, called the draft "a significant move" for China in its fight against terrorism.
The new document will likely provide a clearer action plan and legal ground for cutting off funding channels for terrorist activities, he said.
When a list of terrorist groups and facilitators of terrorist activity is announced by the public security ministry, a decision to freeze funds and assets will also be made, according to the draft.
Relevant financial institutions and specified non-financial entities should immediately place a hold on relevant funds and assets, the document says.
The size of the frozen funds and information concerning the number, ownership, location and trade of frozen assets should be reported to local public security and state security authorities.
The draft also says that financial institutions and specified non-financial entities should inform concerned clients or their representatives about the freeze, as well as the grounds and reason for it, unless they are asked by security authorities not to do so.
When the institutions have reason to suspect that funds or assets are being used by terrorist groups or facilitators of terrorist activity, they should immediately take necessary measures to restrict trade of the funds or assets, according to the draft.
"For terrorists, money is something that is very important," Li said, adding that China was paying closer attention to the flow of funds in order to block funding for terrorism.
Funds and assets used by terrorist groups and facilitators of terrorist activity should be frozen immediately after a list of such groups or people is confirmed by authorities, according to the new draft rule.
The document, drafted by the People's Bank of China, the Ministry of Public Security and the Ministry of State Security, will be open for public discussion until June 23.
The draft rule would put into practice a decision adopted in 2011 by China's top legislature to improve the mechanism for freezing terrorist-related assets.
Li Wei, a research fellow in counterterrorism studies with the China Institute of Contemporary International Relations, called the draft "a significant move" for China in its fight against terrorism.
The new document will likely provide a clearer action plan and legal ground for cutting off funding channels for terrorist activities, he said.
When a list of terrorist groups and facilitators of terrorist activity is announced by the public security ministry, a decision to freeze funds and assets will also be made, according to the draft.
Relevant financial institutions and specified non-financial entities should immediately place a hold on relevant funds and assets, the document says.
The size of the frozen funds and information concerning the number, ownership, location and trade of frozen assets should be reported to local public security and state security authorities.
The draft also says that financial institutions and specified non-financial entities should inform concerned clients or their representatives about the freeze, as well as the grounds and reason for it, unless they are asked by security authorities not to do so.
When the institutions have reason to suspect that funds or assets are being used by terrorist groups or facilitators of terrorist activity, they should immediately take necessary measures to restrict trade of the funds or assets, according to the draft.
"For terrorists, money is something that is very important," Li said, adding that China was paying closer attention to the flow of funds in order to block funding for terrorism.
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