KATHMANDU: The government has prepared a five-year strategy to combat money laundering.
The first meeting of the Anti-Money Laundering Direction Committee endorsed the draft of the “National Strategy and Action Plan for Fiscal Investment on Anti-Money Laundering and Terrorist Activities” with amendments.
The strategy will come into force once approved by the Council of Ministers.
The meeting, held at the Finance Ministry, was chaired by Finance Minister Barshaman Pun and attended by Minister for Law, Justice and Parliamentary Affairs Padam Giri, Chief Secretary Dr. Baikuntha Aryal, Nepal Rastra Bank Governor Maha Prasad Adhikari, Attorney General Dinmani Pokhrel, Coordination Committee Coordinator and Secretary at the Office of the Prime Minister and Council of Ministers Leela Gartaula, and Directive Committee Member Secretary and Revenue Secretary Dr. Ram Prasad Ghimire.
The strategy is expected to be implemented in the upcoming fiscal year 2081-82 BS (2024-25).
According to Mahesh Acharya, joint secretary and Economic Policy Analysis Division Chief at the Finance Ministry, the strategy emphasizes economic stability by safeguarding the nation’s fiscal system and overall economy from financial crime risks.
It aims to discourage corruption, revenue leakage, hundi (informal money transfer), cryptocurrency trading, drug smuggling, organized crime, internal terrorism, fraud, transactions involving fake currency, forgery, and terrorist financing.
Following an evaluation of the status of money laundering in Nepal by the Asia Pacific Group (APG) on Money Laundering in coordination with the Financial Action Task Force (FATF) in 2022, Nepal was advised to undertake legal, policy, and structural reforms to improve its anti-money laundering status.
Nepal is a member of the APG. Based on FATF and APG recommendations, Nepal has already amended the Asset (Money) Laundering Prevention Act.
An APG delegation is expected to visit Nepal in the coming months for the next round of assessment. The FATF has warned that Nepal could be placed on a gray list if it fails to improve its status regarding money laundering.
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