Anti-Money Laundering Law Builds Trust Between WB, Afghan Banks

Monday June 30, 2014
Kabul (BNA) Approval of Anti-Money Laundering Law can place Afghanistan in the lawful itinerary of world economic transaction.
The law can build trust between World Bank (WB) and banks of Afghanistan and financial and monitory transactions are increasing in the benefit of Afghan Government. Transaction of money through banks is one of requirements of today’s trade in the world. As much as the countries have capability to benefit more from the facilities provided by bank, in such a scale they would benefit from world trade. Afghanistan that maintains much of its requirements from overseas needs more to money transaction through banks of the world. Globalization of trade increases daily the monitory and financial transactions. A kind of world campaign has been created in connection with illegal and impure money.
Today, before the world of legal money, the impure money is used. The impure monies earn through narcotics, smuggling of weapon and commodities, human smuggling, bribery, extortion etc. These illegal monies should not be laundered through financial activities and transactions and with passing through illegal laundering be circulated as legal money in international economy. The impermissible monies commonly enter through illegal methods especially with forged documents into banking networks, in fact, fleeing from paying of illegal money tax increases. In the light of this law, the legal financial institutions can grow and prevent from those capital holders who flee from paying of tax. The existence of this law can limit in some extent the underground financial institution and dark and uncontrollable atmosphere. Today, campaign against money laundering as one of roadmaps of country with incomes earns through smuggling and organized crime has been taken in hand.
The rough situation of Afghanistan made majority world banks sensitive and this accused the county to not paying heed to the law of money laundering. June 24th of current year is a dateline for approval of this law by Afghanistan. But, this dateline is postponed for four months. The approval of Anti-Money Laundering Law is one of important achievements in the field of making transparent of economic activities in Afghanistan and also one of the means of trust-building in present situation of this country in world level, and needed by this country, this law can join us with bank society and world monetary system. During recent 12 years, billions of dollars have poured into Afghanistan, but these contributions didn’t cover the life of all peoples, but, a special circle benefited from these contributions. A determined number got suitable financial situation and refuge from shelter to palaces.
This causes much doubt in connection with these contributions. The existence of Anti-Money Laundering Law and the incomes earn through it could at least control some parts of contributions. After approval of this law by parliament and it’s issuing by the president of the country, in Paris forum, the governor of Central Bank, with proclamation of approval of Anti-Money Laundering Law in Afghanistan, the banks of Afghanistan would be excluded from the blacklist. The enforcement of this law would be a good achievement for Afghanistan in Paris forum, because, now China and Turkey cut their banking ties with the banks of Afghanistan, because, of lack of the law. The governor Central Bank said the reason behind postponement of approval of this law was the amendments of Ministry of Justice in its draft and the omitted article by Ministry of Finance was added two times by parliament on it. In the threshold of elections, the approval of the law of Anti-Money Laundering is a good achievement for upcoming government.

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