AML Department starts operation
KATHMANDU:
Starting from yesterday, newly established Anti-Money Laundering Department has initiated investigation of at least 131 cases related to money laundering in the first phase.
The cases like Unity Life Assurance and bank balance without clear source of income and property owned by don will also come under the Anti-Money Laundering Department, according to director general at Department of Revenue Investigation (DRI) Shanta Bahadur Shrestha. These cases were being investigated by the Department of Revenue Investigation after Finance Ministry formed two separate divisions — Anti Money Laundering Division and Revenue Investigation Division — under the department.
However, the Anti Money Laundering Division has been upgraded to a separate department to look after the money laundering cases taking the Anti Money Laundering cases seriously by the government according to its international commitment.
“Department of Revenue Investigation has forwarded cases related to money laundering to the newly established department that got its chief yesterday,” he added.
The government on Friday has appointed Khum Raj Punjali as the director general in the Anti-Money Laundering Department. After the appointment of new director general, the department will take all the responsibilities as mandated by the Anti Money Laundering Act.
Meanwhile, the Anti-Money Laundering Department is preparing to launch public awareness campaign.
“The public awareness activities are essential since the department is new and public has yet to be informed on its duties and responsibilities,” Punjali said, adding that the department will carry out its activities officially within a week, though the department was formed more than a month ago on June 15.
The government has also appointed three directors, four section officers and some supporting staff in the department that will gradually take shape.
Earlier, the finance ministry aiming at curbing money laundering activities decided to rename Department of Revenue Investigation to Revenue Investigation and Money Laundering Control Department after the Legislature Parliament had unanimously endorsed the Anti-Money Laundering Act (First amendment) on May 24.
The amended Anti-Money Laundering Act has widened the definition of money laundering and terrorist financing. It has also strengthened the national coordination committee on Anti Money Laundering, Financial Information Unit (FIU) under central bank and other regulatory bodies giving them more teeth.
Source: THT
Starting from yesterday, newly established Anti-Money Laundering Department has initiated investigation of at least 131 cases related to money laundering in the first phase.
The cases like Unity Life Assurance and bank balance without clear source of income and property owned by don will also come under the Anti-Money Laundering Department, according to director general at Department of Revenue Investigation (DRI) Shanta Bahadur Shrestha. These cases were being investigated by the Department of Revenue Investigation after Finance Ministry formed two separate divisions — Anti Money Laundering Division and Revenue Investigation Division — under the department.
However, the Anti Money Laundering Division has been upgraded to a separate department to look after the money laundering cases taking the Anti Money Laundering cases seriously by the government according to its international commitment.
“Department of Revenue Investigation has forwarded cases related to money laundering to the newly established department that got its chief yesterday,” he added.
The government on Friday has appointed Khum Raj Punjali as the director general in the Anti-Money Laundering Department. After the appointment of new director general, the department will take all the responsibilities as mandated by the Anti Money Laundering Act.
Meanwhile, the Anti-Money Laundering Department is preparing to launch public awareness campaign.
“The public awareness activities are essential since the department is new and public has yet to be informed on its duties and responsibilities,” Punjali said, adding that the department will carry out its activities officially within a week, though the department was formed more than a month ago on June 15.
The government has also appointed three directors, four section officers and some supporting staff in the department that will gradually take shape.
Earlier, the finance ministry aiming at curbing money laundering activities decided to rename Department of Revenue Investigation to Revenue Investigation and Money Laundering Control Department after the Legislature Parliament had unanimously endorsed the Anti-Money Laundering Act (First amendment) on May 24.
The amended Anti-Money Laundering Act has widened the definition of money laundering and terrorist financing. It has also strengthened the national coordination committee on Anti Money Laundering, Financial Information Unit (FIU) under central bank and other regulatory bodies giving them more teeth.
Source: THT
