Kathmandu: Nepal has escaped the possibility
of getting blacklisted by a global anti-money laundering
agency after its Parliament ratified two key UN Conventions to
check terror financing and the flow of 'dirty money'.
The parliament yesterday ratified the two UN Conventions
with a simple majority as soon as Deputy Prime Minister and
Finance Minister Bharat Mohan Adhikari tabled the proposals.
With this move, Nepal has escaped the possibility of
being blacklisted by Financial Action Task Force (FATF), a
global body on anti-money laundering formed by G-20.
"The endorsement of the UN Convention on Suppression of
Terrorism Financing and UN Convention against Transnational
Organised Crime has helped Nepal to upgrade its international
status," Finance Secretary Krishna Hari Banskota said.
The endorsement of the conventions will also ease Nepal's
business dealings and movement of Nepalis across the globe.
First Published: Saturday, June 25, 2011, 15:37