Thursday’s Cabinet meeting decided to forward the ordinances for approval from the President. After the Cabinet ’s nod, the ordinances have to be endorsed by the President before they become law.
The two Acts have to be introduced to avoid any possible blacklisting by the Financial Action Task Force (FATF), the global anti-money laundering body. The FATF has given June 2013 deadline to introduce the Acts, warning severe consequences in the event of Nepal’s failure to do so.
The proposed amendment has made a provision which requires an individual carrying foreign currencies and precious metals exceeding a certain amount to declare that to the concerned authorities. Likewise, other provisions in the amendment bill states that the Foreign Ministry should inform about terrorists and terrorist organizations declared by the United Nations Security Council to the concerned country to prevent their investment and flow of money inside the country.
On the other hand, the proposed ‘Proceed of Crime Bill’ has provisioned a separate entity for looking after the property confiscated from individuals allegedly involved in money laundering and terrorist financing activities. As the country has no separate law to deal with property earned through money laundering activities, the FATF asked Nepal to formulate the Act.
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