KATHMANDU, July 23: In response to the increasing instances of unprofessional activities under the guise of agitation against the banks and financial institutions, Nepal Rastra Bank (NRB) is proactively moving forward with the process to amend the Banking Offenses Act. The central bank aims to address and control such disorderly activities that have the potential to impact the stability of the financial sector.
The monetary policy for the financial year 2023/24 emphasizes the need for contemporaneous amendments to the existing Banking Offenses Act of 2064 BS. This step is intended to enhance the regulatory framework, enabling more effective oversight and curbing actions that could undermine the integrity of the financial system.
Revised interest rate corridor system introduced
Furthermore, the NRB has acted upon the recommendations received from the Asia Pacific Group (APG) of the Financial Action Task Force (FATF), an international body focused on monitoring money laundering and financial involvement in terrorist activities. Based on these suggestions, the central bank has issued instructions related to the prevention of money laundering.
In line with its commitment to combating money laundering, the NRB will facilitate the contemporary amendment of laws related to money laundering and contribute to the formulation of a comprehensive national strategy in this regard.
