Nepal has finally endorsed two anti money laundering bills that is expected to save the country from being blacklisted by the Financial Action Task Force (FATF), the global anti money laundering watchdog. President Ram Baran Yadav issued the two bills on Mutual Legal Assistance and Extradition through ordinance on Monday. President Yadav certified the bills as per the Article 88 (1) of the Interim Constitution.
The FATF plenary's also began on Monday in Italy. Nepal had committed to endorse three bills- Bill on Controlling Organised Crime, Bill on Extradition and Bill on Mutual Legal Assistance, as well as other recommendations to fight flow of dirty money. The commitment was made two years ago. Nepal had narrowly escaped being blacklisted in February for not fulfilling its commitments and was again facing the same risk.
The government had sent two Bills to the President Office on Sunday for endorsement through ordinances in absence of a parliament. Despite the urgency of the matter, the opposition parties had been condemning the government's move and had urged the President to not pass any bills through ordinances. They argued that a caretaker government has no mandate to enact laws through ordinance.
The bill on Controlling Organised Crime and some other recommendations is yet to be forwarded because of differences between political parties. However, the FATF has been informed about the development and is expected to not blacklist Nepal.
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PAAVAN MATHEMA