FATF team, NRB officials talk progress
KATHMANDU, DEC 15 -
Nepal Rastra Bank officails and a visting study team from the Financial Action Task Force (FATF), the global anti-money laundering body, held talks on Friday on the progress made by Nepal in curbing money laundering and terrorist financing.
As Nepal has fulflled almost all promises it made when it came to crimininalising money laundering and finacing of terrorist organisations througl legal reforms, the central bank officials highlighted the progresses made on these fronts.
“They were particulary interested in the ‘know your custmer’ norms and measures taken for the ‘customers’ due deligience,’” said NRB spokesperson Bhaskarmani Gnawali.
“We explained to them the latest circular that says banks and financial institutions must carry out enhanced due deligince of politically exposed persons (PEPs), that include political leaders, lawmakers and bureacucrats.”
The revised directive has also directed the BFIs to open accounts of risky customers and PEPs and their family members or maintain business relations with them only after properly identifying and verifying their identity.
The Anti-Money Laundering Act has provisioned enhanced due diligence of PEPs (either citizens or foreigners), keeping them under the high risk category.
The latest circular has also directed BFIs to get information on remittance senders and verify their identity.
It has also provisioned that BFIs properly identify the beneficiary while making payments of above Rs 75,000.
The FATF team is here to see what progresses Nepal has made in the above mentioned fronts, while the body will later decide on whether to list the country in the cateogory of nations that should be monitored regularly.
“We are hopeful and confident that the progress made by Nepal will be enough the keep the country out of FATF’s regulator monotirng list,” said a central bank offical. The FATF team met Finance Minister Shankar Prasad Koirala and other government officals on Thursday.
Source: The Kathmandu Post
