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Bills On Anti-Money Laundering
By KTM Metro Reporter
February 17, 2012: the government has submitted three bills on extradition, mutual legal assistance and organized crime to the parliament on February 13, 2012 and attempted on passing them in a day through the fast track avoiding the parliamentary procedures, as the Financial Action Task Force (FATF) in its meeting started off on February 13, 2012 would put Nepal on its blacklist if these bills were not passed.
Blacklisting means Nepal will lose its credibility in the international arena. Foreign banks might not honor the letter of credits opened by the Nepalese banks. It will directly hit the import export businesses. It also could reduce foreign aid and investment in Nepal.
However, the Vaidya group of the UCPN-Maoist has been against the fast track passing of these bills. In fact, members of this group have said that these bills are imposed by the imperialist and are not in the interest of the country.
Prime Minister Dr. Baburam Bhattarai has lobbied the Kathmandu-based envoys of FATF member countries and succeeded to get two-month time extension for passing the bills on anti-money laundering in the Nepalese parliament. So, the House could follow the regular procedures to pass these bills.
The Nepali Congress leaders have proposed to pass those bills with minor amendments to them. They are willing to pass the bills as soon as possible, as these bills are to check flow of illegal money and create an environment conducive to investment in the country.
