The government decided on Thursday to send two ordinances to the president’s office.
One of the bills, the Anti-Money Laundering Act, is being ratified so that Nepal meets its deadline at the Financial Action Task Force, an international anti-money-laundering body of which Nepal is a member.
The Proceed of Crime Bill, also an FATF requirement, is related to the management of money seized, frozen, or confiscated from those found of money laundering.
The FATF could blacklist Nepal if it doesn’t meet its deadlines. Nepal’s tourism and remittance dependent economy would suffer if this happens, and investors would back out of future projects.
Also see
Nepal’s fiscal cliff, https://nepalitimes.com/news.php?id=19898
Last chance on FATF, https://nepalitimes.com/news.php?id=19296
The government decided on Thursday to send two ordinances to the president’s office.
One of the bills, the Anti-Money Laundering Act, is being ratified so that Nepal meets its deadline at the Financial Action Task Force, an international anti-money-laundering body of which Nepal is a member.
The Proceed of Crime Bill, also an FATF requirement, is related to the management of money seized, frozen, or confiscated from those found of money laundering.
The FATF could blacklist Nepal if it doesn’t meet its deadlines. Nepal’s tourism and remittance dependent economy would suffer if this happens, and investors would back out of future projects.
Also see