KATHMANDU, Dec 24: The government has expanded the number of regulatory bodies involved in preventing money laundering and financing terrorist activities.
In its meeting last Friday, the Cabinet designated the Department of Transport Management as a new regulatory body, bringing the total number of government agencies regulating money laundering issues to 12.
Bullion, real estate, casinos also come under money laundering...
Previously, the government had already recognized the Ministry of Culture, Tourism, and Civil Aviation, Nepal Rastra Bank, Securities Board of Nepal (SEBON), Nepal Insurance Authority, Department of Cooperative, Inland Revenue Department, Office of the Company Registrar, Department of Land Management and Archive, Nepal Bar Council, Nepal Notary Public Council, and the Institute of Chartered Accountants of Nepal as regulatory bodies.
On Friday, the Cabinet specifically highlighted that money laundering could occur through vehicle trade, investment companies, and social security funds. As a result, Nepal Rastra Bank will regulate businesses providing loans for vehicle purchases and overseeing the social security fund.
The Department of Transport Management will now regulate businesses selling vehicles, while SEBON will take responsibility for investment companies.
In terms of money laundering, the government has classified its institutions into four categories: regulatory bodies, intelligence-related bodies, affiliated investigative bodies, and other related bodies. Numerous government institutions and bodies are included in these categories.
_20191222200001.jpg)
