National Assembly Approves Anti-Money Laundering Ordinance Amendment
Summary
Nepal's National Assembly has approved the Anti-Money Laundering (Third Amendment) Ordinance to enhance financial transparency and combat serious financial crimes amid the risk of being blacklisted by the FATF.
Key Points
- The National Assembly of Nepal approved the Anti-Money Laundering (Third Amendment) Ordinance, 2083 by majority.
- Finance Minister Dr. Swarnim Wagle emphasized the ordinance's role in achieving financial transparency and protecting Nepal's international reputation.
- Nepal is currently on the FATF 'Grey List' and risks being blacklisted without legal reforms.
- The ordinance aims to strengthen investigation of financial crimes such as smuggling, tax offenses, and insider trading.
- The government will address any issues in the ordinance through a replacement bill if needed.
