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TI concerned over the new bill on anti-money laundering


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2023 Feb 14, 10:51, Kathmandu
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Transparency International (TI) Nepal has expressed concern over some provisions of the bill registered by the government to amend some acts related to the prevention of money laundering and the promotion of the business environment. The bill was registered at the Parliament Secretariat on February 10.

The provision that states that 'paying of taxes on income without known sources would be granted validity' is against the major goal of the 'Money Laundering Prevention Act 2064', which is to prevent laundering money earned through illegal means, says a statement issued today by President of TI Nepal Padmini Pradhananga. It has also drawn the attention of the newly elected MPs and the Parliament to remain vigilant to not allow the proposed amendment to give away to legalizing illegally earned money.

Nepal is a party to the International Convention against Corruption and opening doors to legitimize illegally acquired money under any pretext is against the convention, adds the statement. TI Nepal has also stated that since the Court has established a jurisprudence against the proposed amendment, ignoring it will be a violation of the norm of the rule of law.

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