May 01, Kathmandu - The government has initiated steps to amend the existing law on asset legalization through an ordinance. The ordinance, prepared to amend the current Asset Clean-up (Money Laundering) Prevention Act, 2007, has been forwarded to the President’s Office, according to sources at the Prime Minister and Council of Ministers Secretariat.

The law aims to curb the legalization of illegally acquired assets and establish strict penalties for offenders. The recent amendments are expected to make these regulations more effective, reinforcing the government's efforts in anti-money laundering measures.

A total of eight ordinances have been approved by the Cabinet and sent to the President’s Office for ratification. Among them, the ordinance related to asset legalization is in the final stages of approval.

According to Ritesh Kumar Shakya, spokesperson for the President’s Office, two ordinances have already been authenticated and issued, while the remaining six are awaiting issuance.

Before this, ordinances concerning cooperative societies and amendments to public procurement regulations have been issued. The official statement from the President’s Office regarding whether additional ordinances will be issued today has not yet been provided.