Cabinet OKs law against money laundering

KABUL (Pajhwok): The Cabinet on Monday accorded approval to two draft laws combating money laundering and terrorist financing, the Ministry of Finance said.

The laws were drafted to address weaknesses in the banking sector in the wake of the Kabul Bank crisis and further improve Afghanistan’s financial sector.

A statement from the ministry said the laws had been drafted in consultation with relevant international agencies, including International Monetary Fund (IMF) experts.

Besides better regulation of the financial sector, the laws are expected to provide a more conducive and attractive legal environment for investors and international transactions.

The laws were part of the commitments Afghanistan held out in the Tokyo Mutual Accountability Framework (TMAF) two years ago and the government’s ongoing IMF programme for macroeconomic stability.

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