By Trend

Assets of distributors of mass destruction weapons may be frozen in Azerbaijan, Trend reports.

This issue was reflected in a bill ‘On targeted financial sanctions' put up for discussion at a joint meeting of the Azerbaijani Parliament’s committees on defense, security and combating corruption and the Committee on Economic Policy, Industry and Entrepreneurship, held on December 7.

According to the bill, targeted financial sanctions have a preventive character and envisage a number of measures aimed at preventing the financing of terrorism and the proliferation of weapons of mass destruction.

These measures include the immediate freezing of assets, and the prohibition of the provision of individuals and institutions subject to sanctions, assets, economic resources, and financial and other related services.

The bill also defined the assets on which targeted financial sanctions are imposed, including assets of individuals and institutions subject to sanctions; assets directly or indirectly, sole or jointly owned or controlled by individuals and legal entities subject to sanctions, as well as other assets acquired through such assets.

Besides, they include assets of individuals and institutions acting on behalf of individuals and institutions, or on their behalf, which are to be sanctioned; assets of organizations owned or jointly owned by individuals and legal entities subject to sanctions.

If adopted, this law will enter into force on February 1, 2023.