Amendment Process Underway for Money Laundering Prevention Bill to Curtail Illicit Transactions

In a bid to tackle illicit financial activities, Minister for Law, Justice, and Parliamentary Affairs Dhanraj Gurung announced that a bill aimed at amending laws concerning the Prevention of Money Laundering and Business Environment Promotion has been introduced in parliament. Gurung made the statement while responding to queries raised during the in-principal discussion in today’s meeting of the National Assembly Legislation Management Committee.

Highlighting the urgency of the bill, Gurung emphasized that illicit financial flows pose a direct threat to the national economy. He also underscored the importance of considering the recommendations put forth by development partners in shaping the amendment process.

Furthermore, the Minister revealed that amendments to other related laws are also in the pipeline to strengthen the efficacy of anti-money laundering measures. Gurung stressed that the primary goal of these legislative changes is to ensure that no individual benefits from ill-gotten gains without facing legal repercussions, with the state prepared to seize any illegitimate assets amassed through such means.

The amendment process signifies the government’s commitment to bolstering efforts to combat money laundering and safeguarding the integrity of the financial system.