KATHMANDU: The government has identified six offenses related to money laundering and assigned three regulatory bodies for their oversight, as per a notice published in the Nepal Gazette this week.
The decision, based on the Money Laundering Prevention Act, 2064, was made by the Cabinet in December 20, though the formal announcement came 13 days later.
The government, under Clause 7(A)(2) of the Act and following recommendations from the coordination committee, has designated Nepal Rastra Bank, the Department of Transport Management, and the Securities Board of Nepal (SEBON) as regulatory bodies.
Nepal Rastra Bank will oversee businesses providing loans for vehicle purchases and managing the Social Security Fund, while the Department of Transport Management will regulate businesses engaged in vehicle sales.
SEBON has been tasked with regulating investment companies with either a minimum paid-up capital of 50 million rupees or annual transactions exceeding 100 million rupees, effective mid-January.
Companies below these thresholds will be regulated based on risk assessments, with the timeline to be determined by SEBON.
The six offenses newly categorized as money laundering crimes include human trafficking, hundi (illegal money transfers), the use of virtual currencies, improper financial transactions, match-fixing and irregularities in sports, and operating casinos without a valid license.
This regulatory framework aims to strengthen Nepal’s efforts against financial crimes, promoting transparency and accountability across industries.
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