KATHMANDU: The country is facing growing risk of getting black listed if three bills on Anti-Money Laundering, Mutual Legal Assistance, and Organised Crime and Extradition Treaty are not brought through ordinance.
The risk of getting blacklisted grew alarmingly as Nepal dillydallied to formulate these laws as per its commitment in the international level to make the financial transaction transparent.
If Nepal does not bring the bills on anti-money laundering through ordinance before the meeting of the Financial Action Task Force (FATF) being held from June 18-22 in Rome, it would be blacklisted.
It is compulsory to the government at present to bring three bills through ordinance as there was no parliament for this.
Reasoning this, the Prime Minister, Finance Minister, Finance Secretary and senior officers of Nepal Rastra Bank are striving for this. However, concrete result is yet to come.
If the coutnry is blacklisted, it would remain aloof from relations with various countries and financial transactions as well.
Chief Secretary Madhav Prasad Ghimire said the government was making utmost efforts to bring these bills which are directly related to nation's prestige and economy.
However, as the Council of Ministers has not taken any decision, it is not sure the bills would come.
Following the September 11 attack in America, various 36 countries had formed the FATF to prevent economic assistance to the terrorist organisations. Nepal is signatory to the FATF.
Economist and former Nepali Ambassador to the US, Mohan Man Sainjoo said the country must be prevented from getting blacklisted by bringing ordinances at any rate.
If Nepal is blacklisted by FATF, it would be difficult for Nepal to get economic assistance from international community neither it can open letter of credit.