National Assembly Approves Anti-Money Laundering Ordinance Amendment

Kathmandu. The National Assembly meeting on Friday approved the 'Anti-Money Laundering (Third Amendment) Ordinance, 2083' by a majority. The ordinance, presented by Finance Minister Dr. Swarnim Wagle in the meeting, was approved after the proposal to reject it was defeated by a majority.

Responding to questions raised during the discussion on the ordinance, Finance Minister Dr. Wagle stated that this step is essential to lead the country towards financial transparency and to protect Nepal's reputation internationally. He clarified that the ordinance was brought to amend the law because Nepal is currently on the Financial Action Task Force (FATF) 'Grey List' and faces the risk of being placed on the 'Black List' if legal reforms are not made in time.

Speaking in parliament about the country's current economic risks, he said, 'We have been on the Jurisdiction Under Increased Scrutiny, or Grey List, for about a year and a half. If we cannot get out of this within the next year to a year and a half, there is a danger of the country going on the Black List. For a country dependent on remittances and external capital, being on the Black List is equivalent to being isolated from the global economy. This situation will also have a serious impact on investment and tourism, hence the government has advanced this process with high priority.'

Refuting the MPs' comments that bringing the ordinance attacked the democratic spirit, he mentioned that the government adopted this path by feeling a 'sense of urgency' in accordance with Article 114 of the constitution. His argument was that bringing the ordinance was necessary because going through the regular parliamentary process would take several months, and the country would have to bear further risks.

Minister Wagle expressed confidence that this ordinance will further enhance the investigation of serious financial crimes such as smuggling, customs evasion, excise duty and tax offenses, insider trading in the securities market, and financial sector crimes. He noted that these legal provisions have become even more relevant in the context of the registration of a serious financial crime case involving the embezzlement of approximately one trillion rupees, the first in Nepal's history. He also committed that the government is ready to correct any duplication or ambiguity in the ordinance through the upcoming replacement bill.

In the meeting, on behalf of Prime Minister Balendra Shah, Law, Justice and Parliamentary Affairs Minister Sobita Gautam presented the annual report of the Tharu Commission for the fiscal year 2081/82 to the assembly. With the presentation of the report, the next meeting of the National Assembly has been adjourned until Thursday, Ashar 11.