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DAB urges signing of anti-money laundering law

DAB urges signing of anti-money laundering law

Jun 24, 2014 - 12:23

KABULinfo-icon (Pajhwok): The central bank on Tuesday urged President Hamid Karzai to sign the draft anti-money laundering law as soon as possible to prevent Afghanistaninfo-icon’s banks from being blacklisted. 

Earlier in the day, the Meshrano Jirgainfo-icon -- or upper house of the parliament -- approved the draft law by a majority of vote. The Wolesi Jirgainfo-icon had endorsed it eight days ago.

The anti-money laundering draft contains 10 chapters and 70 articles. In line with the constitution, a draft becomes a law once ratified by the parliament and signed by the president.

Mohammaduddin Hamdard, the Meshrano Jirga Finance and Budget Commission head, said the house panels had found some flaws in the proposed law.

“But we should endorse the measure. If we don’t, Afghanistan’s banks could be blacklisted international financial institutions. We can amend it later on,” he told lawmakers. 

A public representative from central Kapisa province, Maulviinfo-icon Mohiuddin Munsif, said the draft law also had problems from the Islamic perspective. Some of its portions needed to be amended, he believed.

Chairman Abdul Hadi Muslimyar also ruled the measure should be adopted to preempt complications for the Afghan banks. He asked the commission to identify the parts that needed to be changes.

Of the 62 senators present during the session, 57 voted for the draft law. The International Monetary Fund (IMF) had earlier warned of blacklisting Afghan banks if the proposed law was not Okayed till June 27.

Da Afghanistan Bank (DAB) Deputy Governor Khan Afzal Hadawal, currently attending in the ongoing meeting of the Financial Action Task Force (FATF) in France, said the participants would take a decision on the fate of Afghan banks.

He told Pajhwok Afghan News over the telephone from France said it was important President Karzai signed the measure into law. Representatives from some FATF countries have promised to extend the deadline, but others oppose such a move.



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