Money laundering investigation to be intensified

Kathmandu, Oct. 20

The meeting of the Steering Committee on prevention of money laundering has decided to intensify investigation and prosecution.

The meeting of the Committee held on Sunday has taken decision to intensify the matter of investigation and prosecution by the regulatory bodies related to money laundering, and to take initiatives for swift endorsement of the regulations on prevention of financial investment in money laundering and terrorist activities by the Cabinet.

The participants of the meeting maintained that Nepal will not fall into the 'gray zone' if the regulations are passed by speeding up investigation and prosecution.

According to the Financial Action Task Force (FATF), the 'grey list' means 'Jurisdictions under Increased Monitoring'. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring.

Likewise, countries with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation fall in the FATF 'black list'. The FATF is the inter-government global money laundering and terrorist financing watchdog that sets international standards aiming to prevent these illegal activities and the harm they cause to society.

Deputy Prime Minister and Minister of Finance, Bishnu Prasad Paudel, said the work of investigation and prosecution will be advanced as per the national needs and priorities, and instructed the relevant agencies and authorities to work in a way to prevent Nepal from falling in the gray-zone.

The issue has long been the national concern and the government has been trying to prevent the country from untoward results.

Law, Justice and Parliamentary Affairs Minister, Ajay Kumar Chaurasia, said that the Ministry is active in making necessary laws and improving the existing laws so that Nepal does not fall into the gray zone.

Attorney General, Deputy Governor of Nepal Rashtra Bank, Secretaries of Ministries, representatives of regulatory agencies and others participated in the meeting.

 Published in The Rising Nepal daily on 21 October 2024.