Nod to anti-money laundering laws

KATHMANDU, JUNE 07:

The country is finally out of the risk of being blacklisted by Financial Action Task Force, as it has fulfilled its international commitments, albeit late. The Cabinet today approved second amendment to Assets Laundry Prevention Act and Proceeds of Crime Bill — the key concern of the FATF in fighting dirty money flow — and has sent it to President Ram Baran Yadav for endorsement.

“Nepal is out of the danger of being blacklisted by the global anti-money laundering watchdog,” Nepal Rastra Bank’s Deputy Governor Maha Prasad Adhikari told THT. However, the country will still be under continuous observation for a couple of plenaries before the International Co-operation Review Group reports to FATF plenary.

“The ICRG will now review the recently approved Conventions, and amended and new Act, and will report them to the FATF plenary,” Adhikari said, adding that the FATF plenary will then decide to send Nepal out of regular observation of ICRG. “After about two plenaries, Nepal will be completely out of the regular observation.”

Source: THT