The government bill was introduced following approval from the Speaker during a HoR session. Permission to present the bill was granted under Rule 105 of the House of Representatives Regulations, 2083 BS, after no members filed any notices of protest.
Highlighting the urgency of the legislation, Finance Minister Wagle emphasized that amending existing laws is critical to curbing financial crimes. Key areas targeted by the amendment include:
* Smuggling, customs evasion, and excise duty/tax offenses.
* Insider trading and market manipulation within the securities and commodities markets.
* Strengthening investigation and prosecution capabilities in the banking, currency, financial, foreign exchange, and insurance sectors.
The Federal Parliament had previously approved the 'Money Laundering Prevention (Third Amendment) Ordinance, 2083'. Minister Wagle informed the parliament that this new bill has been introduced to fulfill the constitutional requirement under Article 114 (2)(c) of the Constitution of Nepal, which mandates that an ordinance must be replaced by a formal bill within a specified timeframe.
