APG upgrades Nepal's ranking in AML
KATHMANDU:
Nepal has improved its ranking in fighting against inflow of dirty money.
The 14th annual meeting of Asia/Pacific Group on Money Laundering (APG) has approved Nepal’s mutual evaluation report in implementing international standards to combat money laundering and the financing of terrorism.
“Of the total 40 plus nine compliance of Financial Action Task Force (FATF), Nepal now has fulfilled four of the recommendations,” said deputy governor of the central bank Maha Prasad Adhikari, after returning from the annual meeting — organised by India on July 18-22.
However, Nepal has to do a lot more, he said, adding that some six evaluation reports were filed to be discussed and the plenary approved Nepal’s report unanimously after a series of discussions.
The annual meeting — attended by over 350 senior government officials from Asia/Pacific region and around the world — was inaugurated by Indian finance minister Pranab Mukharji and also attended by Financial Action Task Force (FATF) president Giancarlo Del Bufalo of Italy.
The APG members undergo a mutual evaluation and prepare a Mutual Evaluation Report that presents a probing assessment of the levels of compliance with the international standards and recommend actions. The APG is an international organisation — regionally focused — consisting of 40 members and a number of international and regional observers including the UN, IMF, FATF, Asian Development Bank and World Bank.
It is closely affiliated with the Financial Action Task Force (FATF), whose secretariat is located in the OECD headquarters in Paris. All APG members commit to effectively implement the FATF’s international standards for anti-money laundering and combating the financing of terrorism, referred to as the 40 plus nine Recommendations. Part of the commitment includes implementing measures against terrorists listed by the UN in the UNSC 1267 Consolidated List.
The plenary saw some 30 progress reports, which were adopted after discussions. By the sideline of the annual APG meeting several donors meeting also took place.
The closing media conference on July 22 was attended by APG co-chair K Jose Cyriac, APG co-chair Tony Negus and APG executive secretary Gordon Hook.
The APG was officially established as a regional organisation in 1997 at the fourth Asia/Pacific Money Laundering Symposium in Bangkok. It ensures that mechanisms are in place for international cooperation, given the international dimension to money laundering and terrorist financing.
Nepal’s team included central bank deputy governor Maha Prasad Adhikari, Financial Information Unit — under the central bank — chief Dharmaraj Adhikari, and the representatives from the ministries of Finance and Law.
Earlier on July 2010, the 13th Annual Meeting was held in Singapore. Nepal was evaluated in the APG’s first round of evaluations in 2005 and in the second round in 2010. Nepal became the member of the APG in June 2002. Nepal is developing its anti-money laundering strategies and combating the financing of terrorism laundering system. The country has recently amended Anti-Money Laundering Act and has established an FIU, apart from ratifying two key UN Conventions to fight against the flow of dirty money.
Although estimating the amount of worldwide money laundering is problematic, the IMF has estimated that between two per cent and five per cent of global gross domestic production (GDP) per year is generated annually as the proceeds of crime.
Source: THT
Nepal has improved its ranking in fighting against inflow of dirty money.
The 14th annual meeting of Asia/Pacific Group on Money Laundering (APG) has approved Nepal’s mutual evaluation report in implementing international standards to combat money laundering and the financing of terrorism.
“Of the total 40 plus nine compliance of Financial Action Task Force (FATF), Nepal now has fulfilled four of the recommendations,” said deputy governor of the central bank Maha Prasad Adhikari, after returning from the annual meeting — organised by India on July 18-22.
However, Nepal has to do a lot more, he said, adding that some six evaluation reports were filed to be discussed and the plenary approved Nepal’s report unanimously after a series of discussions.
The annual meeting — attended by over 350 senior government officials from Asia/Pacific region and around the world — was inaugurated by Indian finance minister Pranab Mukharji and also attended by Financial Action Task Force (FATF) president Giancarlo Del Bufalo of Italy.
The APG members undergo a mutual evaluation and prepare a Mutual Evaluation Report that presents a probing assessment of the levels of compliance with the international standards and recommend actions. The APG is an international organisation — regionally focused — consisting of 40 members and a number of international and regional observers including the UN, IMF, FATF, Asian Development Bank and World Bank.
It is closely affiliated with the Financial Action Task Force (FATF), whose secretariat is located in the OECD headquarters in Paris. All APG members commit to effectively implement the FATF’s international standards for anti-money laundering and combating the financing of terrorism, referred to as the 40 plus nine Recommendations. Part of the commitment includes implementing measures against terrorists listed by the UN in the UNSC 1267 Consolidated List.
The plenary saw some 30 progress reports, which were adopted after discussions. By the sideline of the annual APG meeting several donors meeting also took place.
The closing media conference on July 22 was attended by APG co-chair K Jose Cyriac, APG co-chair Tony Negus and APG executive secretary Gordon Hook.
The APG was officially established as a regional organisation in 1997 at the fourth Asia/Pacific Money Laundering Symposium in Bangkok. It ensures that mechanisms are in place for international cooperation, given the international dimension to money laundering and terrorist financing.
Nepal’s team included central bank deputy governor Maha Prasad Adhikari, Financial Information Unit — under the central bank — chief Dharmaraj Adhikari, and the representatives from the ministries of Finance and Law.
Earlier on July 2010, the 13th Annual Meeting was held in Singapore. Nepal was evaluated in the APG’s first round of evaluations in 2005 and in the second round in 2010. Nepal became the member of the APG in June 2002. Nepal is developing its anti-money laundering strategies and combating the financing of terrorism laundering system. The country has recently amended Anti-Money Laundering Act and has established an FIU, apart from ratifying two key UN Conventions to fight against the flow of dirty money.
Although estimating the amount of worldwide money laundering is problematic, the IMF has estimated that between two per cent and five per cent of global gross domestic production (GDP) per year is generated annually as the proceeds of crime.
Source: THT
