Banking News — Nepal’s House of Representatives of Nepal has passed the Asset (Money) Laundering Prevention (Third Amendment) Bill, 2083, paving the way for further reforms to the country’s anti-money laundering framework.

The bill was approved by a majority vote during Thursday’s meeting of the House after Swarnim Wagle proposed its endorsement.

Prior to the vote, lawmakers discussed proposed amendments to the legislation before they were presented for decision. Responding to questions raised during the deliberations, Finance Minister Wagle said the government is committed to strengthening the effectiveness of the country’s anti-money laundering authority.

He also revealed that the government is considering the establishment of a powerful Economic Crimes Authority, similar in stature to the country’s anti-corruption agency, to investigate financial crimes beyond money laundering.

According to the minister, the proposed legal reforms are intended to reduce duplication in investigations by multiple agencies into cases arising from the same source, thereby lowering administrative costs, easing the burden on the judicial system, and improving the recovery of illicit assets.