Nepal may get Egmont Group membership
KATHMANDU:
The representatives of Egmont Group of Financial Intelligence Units (FIUs) is coming Nepal for a three-day long visit to carry out study on whether to grant it membership or not, according to central bank.
“Nepal has already applied for the membership of the group,” an official at the central bank said, adding that the group will carry out groundwork whether Nepal is eligible to receive membership or not.
Nepal will benefit from the membership through multiple ways, he informed, adding that it can expand and systematise international cooperation in the reciprocal exchange of information and increase the effectiveness of FIUs by offering training and promoting personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs after obtaining membership.
The Egmont Group is an organisation established with the goal to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism and to foster the implementation of domestic programmes in this field.
The Egmont Group provides a forum for FIUs around the world to enhance support to their respective governments in the fight against money laundering, terrorist financing and other financial crimes. They expand and systematise international cooperation in the reciprocal exchange of financial intelligence information, increase the effectiveness of FIUs by offering training and personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs, foster better and secure communication among FIUs through the application of technology, presently via the Egmont Secure Web , and promote the establishment of FIUs in those jurisdictions without a national anti-money laundering/terrorist financing programme in place, or in areas with a programme in the beginning stages of development.
Nepal is currently a member of Asia/Pacific Group on Money Laundering and committed to fight against the flow of dirty money. It is developing its anti-money and combating financing of terrorism laundering system. Nepal has also amended Anti-Money Laundering Act apart from ratifying two key UN Conventions.
The beginning
Recognising the benefits inherent in the development of a FIU network, in 1995, a group of FIUs met at the Egmont Arenberg Palace in Brussels and decided to establish an informal group for the stimulation of international co-operation. Now known as the Egmont Group of Financial Intelligence Units, the FIUs meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise to fight against the flow of dirty money.
Source: THT
The representatives of Egmont Group of Financial Intelligence Units (FIUs) is coming Nepal for a three-day long visit to carry out study on whether to grant it membership or not, according to central bank.
“Nepal has already applied for the membership of the group,” an official at the central bank said, adding that the group will carry out groundwork whether Nepal is eligible to receive membership or not.
Nepal will benefit from the membership through multiple ways, he informed, adding that it can expand and systematise international cooperation in the reciprocal exchange of information and increase the effectiveness of FIUs by offering training and promoting personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs after obtaining membership.
The Egmont Group is an organisation established with the goal to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism and to foster the implementation of domestic programmes in this field.
The Egmont Group provides a forum for FIUs around the world to enhance support to their respective governments in the fight against money laundering, terrorist financing and other financial crimes. They expand and systematise international cooperation in the reciprocal exchange of financial intelligence information, increase the effectiveness of FIUs by offering training and personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs, foster better and secure communication among FIUs through the application of technology, presently via the Egmont Secure Web , and promote the establishment of FIUs in those jurisdictions without a national anti-money laundering/terrorist financing programme in place, or in areas with a programme in the beginning stages of development.
Nepal is currently a member of Asia/Pacific Group on Money Laundering and committed to fight against the flow of dirty money. It is developing its anti-money and combating financing of terrorism laundering system. Nepal has also amended Anti-Money Laundering Act apart from ratifying two key UN Conventions.
The beginning
Recognising the benefits inherent in the development of a FIU network, in 1995, a group of FIUs met at the Egmont Arenberg Palace in Brussels and decided to establish an informal group for the stimulation of international co-operation. Now known as the Egmont Group of Financial Intelligence Units, the FIUs meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise to fight against the flow of dirty money.
Source: THT
