Breathing space
Keeping Nepal's obligations to international commitments in mind, President Ram Baran Yadav has signed an ordinance to make Nepal comply with the Financial Action Task Force's recommendations.
A press statement released by the president's office said that President Yadav ratified the Bill Against Organised Crime, 2069, after holding consultations with Finance Minister Barsha Man Pun on Wednesday.
This new development is expected to keep Nepal from being blacklisted by the FATF, a global organisation that aims to combat terrorism financing by means of money laundering.
Had the ordinance not been passed before the FATF plenary met in Paris from 20 to 24 to assess each member state's progress, Nepal would have been blacklisted from all international financial transactions, a dire consequence for an economy dependent upon remittance and tourism.
Keeping Nepal's obligations to international commitments in mind, President Ram Baran Yadav has signed an ordinance to make Nepal comply with the Financial Action Task Force's recommendations.
A press statement released by the president's office said that President Yadav ratified the Bill Against Organised Crime, 2069, after holding consultations with Finance Minister Barsha Man Pun on Wednesday.
This new development is expected to keep Nepal from being blacklisted by the FATF, a global organisation that aims to combat terrorism financing by means of money laundering.
Had the ordinance not been passed before the FATF plenary met in Paris from 20 to 24 to assess each member state's progress, Nepal would have been blacklisted from all international financial transactions, which would have dire consequences for an economy dependent upon remittance and tourism.
