Delay in Approval Of Money Laundering Law Creates Challenges

If Ban on Money Laundering and Prevention from Financing Terrorism Law is not approved within next three months, all accounts of Afghanistan banks will be closed with the international banks and transactions will stop, said officials at the Afghanistan Banks Union.

This will seriously harm the trade and investment process of Afghanistan.

“Addition of Afghanistan to the black list will create many domestic problems for Afghanistan, meaning that all our relations with foreign banks will be blocked, plus it will further damage Afghanistan reputation, I don’t know why it is not being signed” Khalil Sediq, Head of Private Banks Union.

While criticizing Afghanistan Central Bank in drafting of the law, House of Representative members have said that the law will be approved soon.

“This issue is very dangerous to the trade and investment, although we have notified the Central Bank, Ministry of Justice and Ministry of Trade from this problem, but they have ignored the issue” Munawar Shah Bahadori, House of Representative member from Herat.

“Central Bank Officials have acted really weak. In order to prevent any problems, we have asked the Head of Central Bank to come to the House of Representatives on Monday to give clarification in regards” Amir Khan Yar, Head of Financial, Budget and Private Banks Commission.

Ban on Money Laundering and Prevention from Financing Terrorism Law is an important law that prevents illegal money in the banks. Absence of the law will end relations of the banks with the International banks.

A number of economic analysts have called on government to take necessary actions.

“Considering that Afghanistan Banks are newly established, this law is very important. On the other hand, this law is very important for the International Community, absence of this law will harm us over time if not now. Government is responsible to address this problem” Feroz Khan Masjedi, Economic Professor at Kabul University.

Efforts were made to have views of the Central Bank officials, but second deputy of the bank calls it early to take about the issue and adds that, talks with the officials from the International Monetary Fund to resolve the problem.

Despite all, Afghanistan has three months to address this challenge.

Tolonews

Tags: approval, delay, money

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