Money Laundering Bill passed by Parliamentary Committee

Kathmandu: The Law, Justice, and Human Rights Committee in Kathmandu have passed a bill to amend specific laws related to the prevention of money laundering and the promotion of the business environment.

The sub-committee submitted a report on Tuesday, which the committee later passed with some changes.

Committee Chair Bimala Subedi mentioned that they have removed the proposal to set a maximum personal deposit limit of 2.5 million, which was initially suggested for section 52 of the Cooperative Act, 2074 (withdrawal of sub-section 2 of section 18).

Additionally, regarding casino operations, it was decided that they should be located at least 5 kilometers away from the foreign border.

Under the current law, existing casinos beyond the 3 km limit will be allowed to continue operating.

However, for those not complying with the 3 km rule, a provision has been made requiring them to relocate and operate within the 5 km limit within the next three years.