KATHMANDU: The Nepal Chamber of Commerce (NCC) on Sunday submitted a memorandum to the Nepal Rastra Bank governor Dr. Yubaraj Khatiwoda, expressing the private sector's dissatisfaction over the Act on Prevention of Money Laundering.
NCC chairman Surendra Bir Malakar said that the Act would but impose negative impacts on the private sectors and the national economy in general at the time investment has decreased due to volatile political situation of the country.
He asked the governor to simplify the Act as some provisions in it have frightened the entrepreneurs and consult the stakeholders before implementing it.
Saying that some provisions in the Act are at odds with the existing laws, NCC vice chairman Suresh Kumar Basnet pointed out the need of amendment.
In response, governor Dr. Khatiwoda said that both the government and the NRB consulted the business community while preparing the policies. He said the NRB is serious about taking up the Act.