Friday, September 2, 2016

Coordination needed to curb money laundering activities

Kathmandu, Sept 1: Chairman of the Security Board of Nepal (SEBON) Dr. Rewat Bahadur Karki Thursday emphasized coordination among the regulators and other stakeholders of the capital market to save it from being used in money laundering activities.
Inaugurating an orientation programme on anti-money laundering and terror financing organized for the officials of SEBON, Investors Forum, CDS and Clearing Limited and Merchant Bankers Association, Dr. Karki said that for the fair, sustained and credible development of the capital market, there should be proper system to check the money laundering activities.
"As Nepal has become the member of Association of National Numbering Agencies (ANNA) and International Organization of Securities Commissions (IOSCO), there is a potential of developing the Nepalese capital market at the international level. Therefore, the market should be more transparent," he said.
Board's director Dr. Nava Raj Adhikari called for urgency of creating legal framework to alleviate the money laundering and terror financing.
Deputy director of the Nepal Rastra Bank Hari Nepal imparted training to the participants.
The programme was focused on collecting true information and details from the customers and investors, reporting suspicious transactions, developing efficient system of reporting, finding the source of illegal property and possible ways of money laundering.
It also discussed about the present and proposed legal framework on anti-money laundering.
Participants said that if any transaction of same trading below Rs. 1 million is repeatedly reported, it should be taken as the suspicious activity. 

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