04 June 2014
After three years delay in the ratification process for the Financing of Terrorism Prevention Law, the Lower House on Wednesday voted and passed it in 29 Chapters and Nine Articles, in accordance with international standards.
The law comes at critical time for Afghanistan as the intergovernmental Financial Action Task Force (FATF) has threatened the Afghan government with being placed on its blacklist, which experts say would be devastating for foreign investment in Afghanistan. Still, in order to fully abide the FATF, Parliament must pass another law, the Anti-Money Laundering Law, within a matter of weeks.
According to representatives, the article of the Terrorism Financing Prevention Law that was most debated on Wednesday was the "Delegation Enforcing the Terrorism Financing Prevention Law" article. The heart of the conflict was over whether it should be the National Security Council or the Council of Ministers overseeing implementation of the law.
Now that the Terrorism Financing Prevention Law has been passed, Afghanistan is one step closer to keeping itself from safe from a potential economic crisis. But with only two weeks for Parliament to pass another, perhaps more contentious law, the Anti-Money Laundering Law, there remains a huge amount of pressure on representatives to work quickly.