Under the action plan, the government has committed to put in place legal, technical and institutional frameworks by 2016, enhance resources and capacity of Financial Information Unit (FIU) and Department of Money Laundering Investigation (DoMLI).[break]
“We will enforce law that will criminalize money laundering and terrorism financing activities, incorporating clear provisions to confiscate such criminal money,” said Finance Secretary Krishna Hari Baskota.
The action plan also commits to enact Mutual Legal Assistance Act, Extradition Act and Organized Crime Control Act.
“Two of these acts have already been tabled in the parliament, while the third one is awaiting the cabinet nod," added Baskota.
The five year strategy document also plans to upgrade the capacity of police, DoMLI, attorney offices, courts, lawmakers and others by providing them due trainings on existing AML related provisions and international practices.
In its strategy to combat financial crime, the government has also committed to discourage cash transactions, promote electronic transactions and expand modern financial services across the country.
It is also making inspection of possible AML and terrorism financing activities an integral part of supervisory function of Nepal Rastra Bank, Insurance Board, Securities Board and Company Registrar´s Office, among others.
The action plan also commits to gradually formalize the informal sectors for ensuring effective monitoring of transactions of non-financial and informal sectors.
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