Nepal | July 02, 2020

‘Govt mulling more stringent AML/TF rules’

Himalayan News Service
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Kathmandu, March 16

The government is mulling over introducing more stringent rules in the near future to minimise chances of money laundering.

“We will soon have regulations like prohibition of cash transaction higher than Rs one million and prohibit use of savings account for business transactions. We hope that this will contribute in controlling money laundering,” said Hari Kumar Nepal, deputy director of Financial Information Unit, Nepal Rastra Bank.

Nepal was addressing a learning event titled ‘Anti Money Laundering and Terrorist Financing (AML/TF) in Nepal’ for young entrepreneurs here today. Organised by Entrepreneurs’ Organisation (EO) Nepal, the event basically focused on demarcation between money laundering and tax evasion, legal frameworks and contribution of business sector to control it.

Nepal said that government is fully committed to control any form of financial crime, including money laundering and tax evasion.

“AML/TF is not an issue limited to Nepal and has been under the radar of governments all over the world and other international organisations,” he said, as per a media release. “Nepal government is serious on this matter and leaves no stone unturned to eradicate such practices.”

He also stressed that money laundering has adversely affected politics and administration along with the business sector.

“Surveys show that more than 3.6 per cent of global GDP is earned through criminal activities. If we add the amount of tax evasion, the result is shockingly high,” Nepal added.

Stating that though the country still lacks stringent rules to tackle financial crimes, Nepal said it is unlikely for anyone engaged in such illegal activities to go scot-free.

The event was followed by an interaction session where young entrepreneurs and EO members shared their views on how business sector can work with the government to implement the measures to control financial crimes.

The Nepal Chapter of EO has been working as the catalyst to enable leading entrepreneurs to learn and grow, leading to greater success in business and beyond. The EO is a global, peer-to-peer network of more than 12,000 influential business owners with 160 chapters in 50 countries.

A version of this article appears in print on March 17, 2017 of The Himalayan Times.

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