Money Laundering Act ~ Nepal

• Anti-Money Laundering Direction Committee today endorsed the draft of the "National Strategy and Action Plan for Fiscal Investment on Anti-Money Laundering and Terrorist Activities"
• strategy is expected to come into force by the upcoming fiscal year 2081-82 BS (2024-24). 
• emphasizes on economic stability by preventing the nation's fiscal system and the entire economy from the risk of financial crime. It aims to discourage corruption, revenue leakage, Hundi and the business of cryptocurrency, drug smuggling, organized crime, internal terrorism, fraud, transactions of fake currency, forgery, terrorist financing, and so on.   
• evaluation of the status of money laundering in Nepal conducted by the Asia Pacific Group (APG) on Money Laundering in coordination with the Financial Action Taskforce (FATF) in 2022, Nepal was advised for legal, policy, and structural reforms to improve its status on the prevention of money laundering. Nepal is a member country to the APG.    
• FATF has warned that Nepal could fall into a gray list if it fails to improve its status on money laundering.
• the standards to be followed by Nepal and other countries are divided into two parts: law enforcement and research aspect (effective rating) and law making and institutional aspect (technical compliance rating). According to this, there are 40 criteria of 'Technical Compliance Rating'. The status of compliance in this group is evaluated in four ways: compliance (full compliance), highly compliance (compliance), partial compliance (partial compliance) and non-compliance (non-compliance). Among those standards, Nepal's condition is compliance in 5, highly compliance in 16, partial compliance in 16 and non-compliance in 3.

via: 

* https://risingnepaldaily.com/news/44018 June 5, 2024

* https://ekantipur.com/en/business/2024/06/06/further-enhancement-of-police-jurisdiction-in-investigating-and-prosecuting-financial-crimes-06-59.html June 6, 2024 (Jestha 24)