Five-year strategic plan to fight money laundering
KATHMANDU:
Department of Money Laundering Investigation has finalised a five-year Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) strategy and action plan.
A coordination committee led by finance secretary has finalised the strategy and action plan and forwarded it to the cabinet for the final approval, director general at Department of Money Laundering Investigation Khum Raj Punjali said. The strategy paper is aimed at addressing the recommendations provided by Financial Action Task Force (FATF) and to improve Nepal’s ranking in fighting against money laundering and terrorist financing.
The purposed Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) strategy and action plan has incorporated wide ranges of issues including improved coordination among stakeholders that are involved in anti money laundering activities and formulate appropriate laws for Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT), director at the department Bishwa Prakash Subedi said, adding that the strategy and action plan has also recommended to adopt effective way to protect financial sector from AML-CFT.
“Different government agencies responsible to execute Anti-Money Laundering Act should be empowered to carry out investigation on predicate offence in more proficient manner,” the purposed plant stated. The existing law has listed different activities like revenue leakages, organised crime, terrorist activities, armed business, human trafficking, forgery cases and murder cases under the heading of predicate offence.
Since Nepal is yet to establish mutual legal assistant, the plan also ensured the formation of necessary mechanism for international assistance and cooperation.
Earlier, a three-member team from International Monetary Fund (IMF) had in July visited Nepal to provide technical assistant to formulate the plan. The plan has incorporated the suggestions of Nepal’s mutual evaluation report from Asia/Pacific Group on Money Laundering (APG) in implementing international standards to combat money laundering and the financing of terrorism, Subedi said, adding that the base line of the plan is 40 plus nine compliance of Financial Action Task Force.
IMF suggestion
IMF has suggested the government to clarify law by putting the provisions of confiscation, seizure and freezing money, if authority suspected money laundering. A group of legal experts, which had visited Nepal for the purpose of assisting Nepal to amend AML Act, has also recommended to strengthen law enforcing agencies including Department of Money Laundering Investigation, Nepal Rastra Bank, and Department of Revenue Investigation. The team comprising IMF’s Ross S Delston, attorney at Law and Cecilia J Marian, consulting counsel at Legal Department pointed out major deficiencies in AML law and suggested necessary changes, Khum Raj Punjali informed.
Source: THT
Department of Money Laundering Investigation has finalised a five-year Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) strategy and action plan.
A coordination committee led by finance secretary has finalised the strategy and action plan and forwarded it to the cabinet for the final approval, director general at Department of Money Laundering Investigation Khum Raj Punjali said. The strategy paper is aimed at addressing the recommendations provided by Financial Action Task Force (FATF) and to improve Nepal’s ranking in fighting against money laundering and terrorist financing.
The purposed Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) strategy and action plan has incorporated wide ranges of issues including improved coordination among stakeholders that are involved in anti money laundering activities and formulate appropriate laws for Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT), director at the department Bishwa Prakash Subedi said, adding that the strategy and action plan has also recommended to adopt effective way to protect financial sector from AML-CFT.
“Different government agencies responsible to execute Anti-Money Laundering Act should be empowered to carry out investigation on predicate offence in more proficient manner,” the purposed plant stated. The existing law has listed different activities like revenue leakages, organised crime, terrorist activities, armed business, human trafficking, forgery cases and murder cases under the heading of predicate offence.
Since Nepal is yet to establish mutual legal assistant, the plan also ensured the formation of necessary mechanism for international assistance and cooperation.
Earlier, a three-member team from International Monetary Fund (IMF) had in July visited Nepal to provide technical assistant to formulate the plan. The plan has incorporated the suggestions of Nepal’s mutual evaluation report from Asia/Pacific Group on Money Laundering (APG) in implementing international standards to combat money laundering and the financing of terrorism, Subedi said, adding that the base line of the plan is 40 plus nine compliance of Financial Action Task Force.
IMF suggestion
IMF has suggested the government to clarify law by putting the provisions of confiscation, seizure and freezing money, if authority suspected money laundering. A group of legal experts, which had visited Nepal for the purpose of assisting Nepal to amend AML Act, has also recommended to strengthen law enforcing agencies including Department of Money Laundering Investigation, Nepal Rastra Bank, and Department of Revenue Investigation. The team comprising IMF’s Ross S Delston, attorney at Law and Cecilia J Marian, consulting counsel at Legal Department pointed out major deficiencies in AML law and suggested necessary changes, Khum Raj Punjali informed.
Source: THT
