KATHMANDU, May 1: Nepal Rastra Bank (NRB) has started a detailed investigation into 1,556 ‘suspicious transactions’ reported by the banks and financial institutions (BFIs) and other institutions during the first eight months of the current fiscal year.
According to the Financial Information Unit (FIU) of NRB, it has received a preliminary report of these transactions that have been noted as suspicious. Of the transactions, the central bank so far has conducted analysis of 464 cases, out of which 265 have been registered while 199 cases have been sent to the authorities concerned for legal action.
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Suspicious transaction reporting involves detailed information about transactions that provide necessary evidence to the FIU to identify individuals, groups and organizations involved in fraud, terrorist financing, money laundering and other crimes.
All BFIs, money-changers and remitters, cooperatives, insurance companies, and securities business persons and designated non-financial business and professions such as dealers of precious stones and metals, casinos, independent accountants and legal professionals, notary public, trust and company service providers are required to report any suspicious transaction to the FIU.
Similarly, the government agencies like the Office of the Company Registrar, Land Revenue Offices and Department of Customs, among others, are also legally obliged to report suspicious transactions to the FIU.
Based on the reporting, FIU investigates the money/asset that is suspected to have been generated from or related to money laundering, terrorist financing, or other offences and illegal activities. It may also include the transactions that are large, complex, unusual, legally or economically impossible, or discordant.
