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International transactions still an issue for Afghan private banks

in Afghan Business

International transactions still an issue for Afghan private banks

bank transactionAfghan private banks are still facing problems with transferring money from abroad to Afghanistan despite the approval of the Anti-Money Laundering and Financing Terrorism Prevention Laws.

A number of foreign banks have reportedly refused to transfer money into Afghanistan through Afghan banks.

The Afghan parliament approved the anti-money laundering legislation last month as mandated by the Financial Action Task Force (FATF).

Afghanistan was warned by the FATF, an international body that sets standards on how countries combat money laundering, for failing to pass key measures on curbing money laundering. Afghanistan was close to getting blacklisted if the laws were not passed in time.

While the laws saved Afghanistan from being blacklisted, they did not mend the relations between Afghan banks and international banks, who are still at distrust with the Afghan banking system.

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