Sat, 25 Jun 2011 08:47:08 GMT

Nepal ratifies UN convention against money laundering



From Shirish B Pradhan
Kathmandu, Jun 25 (PTI) Nepal has escaped the possibility of getting blacklisted by a global anti-money laundering agency after its Parliament ratified two key UN Conventions to check terror financing and the flow of ''dirty money''.
The parliament yesterday ratified the two UN Conventions with a simple majority as soon as Deputy Prime Minister and Finance Minister Bharat Mohan Adhikari tabled the proposals.
With this move, Nepal has escaped the possibility of being blacklisted by Financial Action Task Force (FATF), a global body on anti-money laundering formed by G-20.
"The endorsement of the UN Convention on Suppression of Terrorism Financing and UN Convention against Transnational Organised Crime has helped Nepal to upgrade its international status," Finance Secretary Krishna Hari Banskota said.
The endorsement of the conventions will also ease Nepal''s business dealings and movement of Nepalis across the globe.
PTI SBP

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