HoR unanimously endorses Anti Money Laundering and Business Promotion Bill

KATHMANDU, FEBRUARY 8: The House of Representatives (HoR) has unanimously endorsed the Anti-Money Laundering and Business Promotion Bill. The country is at a high risk of being greylisted for failing to implement the necessary laws as per the international standards and policy regarding anti-money laundering and combating the financing of terrorism (AML/CFT). In this context, the very endorsement made yesterday is expected to mitigate the very risk.

Minister for Law, Justice and Parliamentary Affairs, Dhanraj Gurung, had presented the proposal seeking the endorsement of the bill to amend Acts and laws relating to the prevention of money laundering and promotion of the business environment.

The endorsement has opened the way for amendment in a host of laws such as  Export-Import (Control) Act-2013 BS, Ship Registration Act-2027 BS, Revenue Act-2034 BS, Tourism Act-2035 BS, Building Act-2055 BS, Insolvency Act-2063 BS, Securities Act-2063 BS, Nepal Rastra Bank Act-2058 BS, Human Trafficking and Transportation (Control) Act-2064 BS.

Criminal Assets and Instruments (Seizure, Control and Confiscation) Act-2070 BS, Money Laundering Prevention Act-2064 BS, Organized Crime Prevention Act-2070 BS, Insurance Act-2079 BS, Cooperatives Act-2074 BS, Foreign Investment and Technology Handover Act-2075 BS, Electricity Regulation Commission Act-2074 BS, Mutual Legal Assistance Act-2070 BS will also undergo amendment with the bill’s endorsement. The National Civil (Code) Act-2074 BS and the National Criminal Procedure (Code) Act-2074 BS have been amended through the Bill.

HoR will meet again on February 18 at 11:00 am. Speaker Devraj Ghimire informed that the parliamentarians could hold live question and answer sessions with the Prime Minister in the next meeting. (RSS)