Nepal Life Insurance's Initiative Against Money Laundering And Terrorism Financing

Nepal Life Insurance Company Limited (NLIC), recognized as the most reliable life insurance company in the nation, recently conducted training on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) for its board members and department heads, in adherence to Section 15 of Directive 2075 on Prevention of Financial Investments in Asset Laundering and Terrorist Activities.

The training, held at Soaltee Westend Resort in Dhulikhel, covered topics such as money laundering, terrorist activities, and potential challenges faced by financial institutions, alongside their solutions. Discussions also centered around Nepal's mutual evaluation report concerning the insurance sector, emphasizing strategies for compliance.

The program delved into the responsibilities and rights of the board of directors as per the Asset Clearance Act, focusing on effective implementation strategies. Nepal Life Insurance is determined to mitigate future incidents through insights gained from past crimes.

The company underscored the importance of adhering to international best practices and local regulations to combat money laundering effectively and safeguard the nation from criminal and terrorist activities.

Chairman Govind Lal Sanghai expressed the company's commitment to leading in this endeavor. Pravin Raman Parajuli stressed the importance of strict adherence to policies and regulations in reducing financial crimes, highlighting the significance of such training sessions in fostering awareness of legal provisions.