Nepal has escaped being blacklisting by the Financial Action Task Force (FATF), the global anti-money laundering watchdog, for now. The FATF plenary meeting that concluded in Paris on Friday took the decision
After intense diplomatic efforts at home and in Paris, the FATF decided to give Nepal some time to endorse anti-money laundering bills, considering Nepal's political transition.
The three bills, Mutual Legal Assistance Bill, Extradition Bill and Bill Against Organised Crime, were supposed to be passed by 2011. However, they are stuck in the parliament because of opposition from a faction of Maoist leaders, who believe they are against national interest.
If blacklisted, international banks could block the bank accounts of Nepali diplomatic missions abroad apart from dishonouring letter of credit that would hit imports. Visas may be denied to Nepali nationals and it will be difficult to process foreign grants.
The FATF will meet in June next. At present, Nepal is in the grey list.
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