FM to create revenue investigation‚ money laundering departments
KATHMANDU, May 18:
The Finance Ministry has decided to set up two separate divisions within Revenue Investigation and Money Laundering Department, previously known as Revenue Investigation Department.
“The department is soon creating Anti Money Laundering and Investigation Division and Revenue Investigation Division,” its director general Shanta Bahadur Shrestha said, adding that Revenue Investigation Division will be nestled at the premises of the department.
The Anti-money Laundering Division that will be set up outside the department will start to work on cases of Money Laundering activities once it is set up.
“The department wants to do something tangible as it has been warned by the Financial Action Task Force,” Shrestha said, adding that the Task — a global anti-money laundering body formed by G-20 — has warned Nepal of blacklisting if it fails to meet its commitment regarding anti money laundering and terrorist financing by June 21.
It will have to get two international UN conventions — Convention against Transnational Organised Crime and International Convention of the Suppression of Financing of Terrorism — endorsed by Parliament, according to Nepal’s commitment. The Parliament also needs to pass Anti-Money Laundering
Act (amendment), Extradition Bill and Bill on Organised Crimes to meet its commitment.
After getting global pressure to take initiatives for Anti Money Laundering, the last cabinet meeting of Madhav Kumar Nepal led government had decided to change the name of Revenue Investigation Department (RID) to Revenue Investigation and Money Laundering Department.
The meeting had also decided to provide the department with more responsibilities.
Though Money Laundering Prevention Act – 2010 was passed about a year ago, its enforcement has not been effective, in Nepal.
The government had introduced the Money Laundering Act to control illegal flow of money into the country.
“The department will be entrusted to investigate the assets earned without reliable sources,” according to the department.
Source: THT
The Finance Ministry has decided to set up two separate divisions within Revenue Investigation and Money Laundering Department, previously known as Revenue Investigation Department.
“The department is soon creating Anti Money Laundering and Investigation Division and Revenue Investigation Division,” its director general Shanta Bahadur Shrestha said, adding that Revenue Investigation Division will be nestled at the premises of the department.
The Anti-money Laundering Division that will be set up outside the department will start to work on cases of Money Laundering activities once it is set up.
“The department wants to do something tangible as it has been warned by the Financial Action Task Force,” Shrestha said, adding that the Task — a global anti-money laundering body formed by G-20 — has warned Nepal of blacklisting if it fails to meet its commitment regarding anti money laundering and terrorist financing by June 21.
It will have to get two international UN conventions — Convention against Transnational Organised Crime and International Convention of the Suppression of Financing of Terrorism — endorsed by Parliament, according to Nepal’s commitment. The Parliament also needs to pass Anti-Money Laundering
Act (amendment), Extradition Bill and Bill on Organised Crimes to meet its commitment.
After getting global pressure to take initiatives for Anti Money Laundering, the last cabinet meeting of Madhav Kumar Nepal led government had decided to change the name of Revenue Investigation Department (RID) to Revenue Investigation and Money Laundering Department.
The meeting had also decided to provide the department with more responsibilities.
Though Money Laundering Prevention Act – 2010 was passed about a year ago, its enforcement has not been effective, in Nepal.
The government had introduced the Money Laundering Act to control illegal flow of money into the country.
“The department will be entrusted to investigate the assets earned without reliable sources,” according to the department.
Source: THT
