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Nepal under money laundering scanner: Review underway in Canada, report in 2 months

Deepak Bhatta

Deepak Bhatta

 |  Kathmandu

(File Photo)

Nepal's assessment in the case of money laundering is being reviewed in Canada. The final review is currently being done in Canada and the report will be published in the next two months.

Many countries including Nepal are undergoing an assessment process to find out whether they are involved in money laundering activities. The annual general meeting of the Asia Pacific Group (APG) on money laundering is currently taking place in Canada.

Asia Pacific countries are under review. The review, which started on July 9, will continue until July 14. A jumbo team of 30 people led by Nepal Rastra Bank Governor Maha Prasad Adhikari has gone to Canada from Nepal.

According to the Office of the Prime Minister and Council of Ministers, it will monitor the income through illegal means including terrorist activities in particular. In November, Nepal was evaluated in the case of money laundering.

An Asia Pacific Group (APG) team came to Nepal and made an assessment. The Nepali jumbo team is now in Canada.

According to the Office of the Prime Minister and the Council of Ministers, the Nepali team will present its defense and progress towards Nepal. The report will be made public according to its assessment.

What is the evaluation?
It assesses crimes and properties achieved through illegal means. If such action is found allowed, it will put Nepal in a weak situation in the case of laundering. Whether or not the law has been reformed and followed, will be known only after the report comes out. According to the Prime Minister's Office, the report will be published in the next two months.

Nepal's preparations
Nepal has amended laws and new bills related to money laundering. Since money laundering is more involved in financial transactions, Nepal Rastra Bank has also prepared a new structure to ensure it. Nepal Rastra Bank last January had issued a notice and informed that it has prepared a new body to look into money laundering.

Likewise, a separate division has been established to supervise money laundering and terrorist activities. The notification said, "The Anti-Money Laundering Supervision Division will carry out special supervision of suspicious financial transactions."

A separate specialized supervisory body has started working within the Nepal Rastra Bank since January 15.


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