Anti-Money Laundering strategic paper in the offing
KATHMANDU, July 4:
Finance Ministry is preparing a five-year strategic paper and detailed action plan to implement Anti-Money Laundering (AML) Act effectively, according to a ministry source.
The strategic paper — that was prepared with the help of International Monetary Fund — will incorporate wide range of issues including jurisdiction of newly formed Anti Money Laundering Department, approaches to coordinate multiple stakeholders whose assistance is needed for the investigation process and ways forward to educate people about the Anti Money Laundering system, according to the source.
The strategic paper will also include information about basic features of money laundering, legal frameworks to educate people.
The International Monetary Fund (IMF) team during its ten-day visit to Kathmandu had provided suggestions on different aspects of money laundering and practices around the world on how to control it. “A three-member team from IMF had recently visited Nepal to provide technical assistant to formulate strategic paper,” director general at the Department of Revenue Investigation Shanta Bahadur Shrestha said.
Currently, Finance Ministry and Nepal Rastra Bank (NRB) are giving final touch to the paper, Shrestha said, adding that the paper will be distributed to other concerned ministries before submitting to the government.
The Finance Ministry will disseminate the draft of strategic paper to the concerned ministries once the draft will be finalised, he informed, adding that the ministry will amend the draft after receiving suggestions from concerned ministries.
After completing the processes, the ministry will forward the draft to the cabinet for endorsement, Shrestha added.
Meanwhile, the government is also preparing regulation of AML Act to support the strategy paper.
VAT evaders’ lobbying for less fine
The government is trying to reduce fines of Value Added Tax (VAT) evaders, through Finance Bill, according to a ministry source. The present government is under the influence of VAT evaders, the source said, adding that the high level officials had indirectly supported the VAT evaders bypassing the then finance secretary Rameshwar Khanal. The government may reason that such cases is emerged for the first time and lessen the fine, according to the ministry source. “The government will warn VAT evaders not to repeat such activities for the purpose of its face-saving.”
Source: THT
Finance Ministry is preparing a five-year strategic paper and detailed action plan to implement Anti-Money Laundering (AML) Act effectively, according to a ministry source.
The strategic paper — that was prepared with the help of International Monetary Fund — will incorporate wide range of issues including jurisdiction of newly formed Anti Money Laundering Department, approaches to coordinate multiple stakeholders whose assistance is needed for the investigation process and ways forward to educate people about the Anti Money Laundering system, according to the source.
The strategic paper will also include information about basic features of money laundering, legal frameworks to educate people.
The International Monetary Fund (IMF) team during its ten-day visit to Kathmandu had provided suggestions on different aspects of money laundering and practices around the world on how to control it. “A three-member team from IMF had recently visited Nepal to provide technical assistant to formulate strategic paper,” director general at the Department of Revenue Investigation Shanta Bahadur Shrestha said.
Currently, Finance Ministry and Nepal Rastra Bank (NRB) are giving final touch to the paper, Shrestha said, adding that the paper will be distributed to other concerned ministries before submitting to the government.
The Finance Ministry will disseminate the draft of strategic paper to the concerned ministries once the draft will be finalised, he informed, adding that the ministry will amend the draft after receiving suggestions from concerned ministries.
After completing the processes, the ministry will forward the draft to the cabinet for endorsement, Shrestha added.
Meanwhile, the government is also preparing regulation of AML Act to support the strategy paper.
VAT evaders’ lobbying for less fine
The government is trying to reduce fines of Value Added Tax (VAT) evaders, through Finance Bill, according to a ministry source. The present government is under the influence of VAT evaders, the source said, adding that the high level officials had indirectly supported the VAT evaders bypassing the then finance secretary Rameshwar Khanal. The government may reason that such cases is emerged for the first time and lessen the fine, according to the ministry source. “The government will warn VAT evaders not to repeat such activities for the purpose of its face-saving.”
Source: THT
