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Nepal Prez endorses anti-money laundering ordinances

Last Updated: Monday, June 18, 2012 - 20:38

Kathmandu: Nepal, which risked being blacklisted for failing to initiate steps to check money laundering, on Monday approved two ordinances to endorse global efforts to tackle the menace.

Nepalese President Ram Baran Yadav endorsed two ordinances on Mutual Legal Assistance Bill and Extradition Treaty, both related to anti-money laundering.

The government had forwarded two Bills to the President for endorsement as the Parliament was dissolved on May 27 after it failed to draft a new Constitution.

The bills were forwarded to the President amid risk of Nepal being blacklisted by the Financial Action Task Force (FATF), a global anti-money laundering body.

The President office in a statement said that the President issued those bills through ordinance taking into account the national interests and commitment Nepal has expressed to the international community.

FATF has been warning Nepal over possible blacklisting if the country failed to endorse three bills on anti-money laundering Mutual Legal Assistance, Extradition Treaty and Organised Crime at the earliest.

However, the Cabinet failed to forward another ordinance on Organised Crime due to differences among political parties.

The opposition parties have warned the caretaker government not to take any important decision.


First Published: Monday, June 18, 2012 - 20:38

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