AML dept faces dilemma

KATHMANDU, AUG 21: 

The Department of Money Laundering Investigation has been facing a dilemma in taking any concrete decision on cases related to land transactions. “There are around a dozen cases related to land transactions,” said director at the department Bishwa Prakash Subedi.

However, the problem with the cases related to land transaction is the difficulty in separating whether they are related to under-valuation or money laundering, he added. 

The Coordination Committee led by the secretary at the Finance Ministry can take a policy level decision to ease the condition, according to the department. 

A total of 13 cases have been filed so far at the Special Court under money laundering laws, said Subedi. Of the total cases, three were filed by the Department of Revenue Investigation before the formal separation of the Department of Money Laundering Investigation from the Department of Revenue Investigation on June 15 last year. 

The Special Court has given a final verdict on six cases so far. “There are still 50 cases left for which investigations are ongoing and once the investigations are over cases will be filed,” he added.

Besides land transaction, it is also facing problems in investigating cases related to the misuse of ATM cards.

Source: THT