Nepal endorses two ordinances to prevent hawala transactions
To avoid possible blacklisting by a global anti-money laundering body, Nepal on Thursday endorsed two ordinances to prevent hawala transactions.
Kathmandu: To avoid possible blacklisting by a global anti-money laundering body, Nepal on Thursday endorsed two ordinances to prevent hawala transactions.
The election government during the cabinet meeting also decided to forward the ordinances on anti-money laundering for approval from the President.
The ordinances are related to Second Amendment to the Anti-Money Laundering Act 2008 and the Proceed of Crime Bill.
After the cabinet`s approval, the ordinances have to be endorsed by the President to become law.
Nepal government is required to introduce the two Acts to avoid any possible blacklisting by the Financial Action Task Force (FATF), the global anti-money laundering body.
The FATF has set June 2013 deadline to introduce the Acts.
The proposed amendment has a provision which requires an individual carrying foreign currencies and precious metals exceeding a certain amount to declare that to the concerned authorities.
The proposed `Proceed of Crime Bill` has provisioned a separate entity for looking after the property confiscated from individuals allegedly involved in money laundering and terror financing.