KATHMANDU, Feb 2: Nepal Rastra Bank (NRB) Deputy Governor Chiranjibi Shiwakoti on Thursday said that the central bank has been keeping an eye on large financial transactions as part of its efforts to fight money laundering and white-collar crimes.
Speaking at a conference entitled 'Solution for Effective Anti-Money Laundering Governance, White-Collar Crime and Compliance Management Practices in Nepali Banking and Financial Sector,” organized by ELAM and FICO -- a data analytics company based in California -- in collaboration with Nepal Bankers Association and Dow Jones in Kathmandu on Thursday, he said that the advanced technology solutions should be put in place to fight cases of money laundering and white-collar crimes.
Similarly, Timothy Choon, Managing Director at FICO Asia Pacific, said that white-collar crimes would get more sophisticated as the global economy grows. “We need to be prepared for that. It's not just within Nepal. Overseas banks are also watching on how ready you are in terms of your regulation on managing money laundering risks or white collar crime risks,” he said. “If you do not have proper measures and regulations in place, you will be affected. Your banks will not be able to remit money and your trade will be affected,” he added, calling for more efforts and measures to fight money laundering.