Parliament approves Anti Money Laundering Bill despite UCPN-Maoists opposition

Despite opposition from the UCPN-Maoist, the parliament today approved the long due Anti-Money Laundering Ordinance.

The hardline communist party has been blamed of amessing huge wealth through illegal means, has been opposing the ordinance before too. A UCPN-Maoist lawmaker Ram Narayan Bidari filed a complaint – on behalf of his party – claiming that the Ordinance intends to target his party. However, the Ordinance, earlier in the parliament, was tabled by the the Prime Minister Dr Baburam Bhattarai as it was necessary to approve the Bill to fulfill the country's international commitment against the free flow of dirty money.

The Mohan Baidya-led breakaway faction of UCPN-Maoist fear that the Act might to used against them.

The international community, especially the Financial Action Task Force (FATF) – a global anti-money laundering body whose threats forced the government to act – has been keeping hawk's eye vigil on Nepal as it has failed to approve the anti-money laundering acts to combat flow of dirty money.

President Dr Ram Baran Yadav had recently approved two ordinances, Second Amendment to the Anti-Money Laundering Act (2008) and Proceed of Crimes Ordinances to save the country from being blacklisted by the FATF.