Stakeholders press for strict compliance with money laundering investigation

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KATHMANDU–Are you an owner of millions worth of properties? Are you concerned if your property will create a problem in connection to money laundering investigation? Don’t worry if you have properties earned through legal means. You can assuredly continue your business.

The Nepal Chamber of Commerce on Friday held an interaction on ‘Money Laundering and Resolving the Financing of Terrorism’.

The speakers at the programme noted the formulation of laws in many countries of the world in relation to money laundering investigation aimed at shoring up the economy.

A study carried out by the United Nations (UN) in 2011 showed that 3.6 per cent of the Gross Domestic Product (GDP) in the world amounted to black money.

Department of Money Laundering Investigation Director, Binod Lamichane, said crimes specified under 32 different titles including corruption, tax evasion, contraband, human trafficking, border smuggling, lucky draw scam, mafia operation, share market business, casino and abduction fall into the money laundering investigation process.

Lamichane added that the money earned through such means have been kept in secretive banks, used in real estate business, casinos and also used to purchase expensive and exotic items.

Nepal Gold and Silver Dealers’ Association General Secretary, Dharma Sundar Bajracharya, welcomed the government’s enforcement of Know Your Customer (KYC) regulation on gold and silver dealers as a positive step forward.

Bajracharya added that there were 20,000 entrepreneurs affiliated with the association and noted the difficulty in identifying the customers.

On the occasion, Nepal Rastra Bank (NRB) Deputy Director, Hari Nepal, said that the regulation on money laundering investigation – introduced in Nepal in 2008 – was actually in practice in the world since 1920.

Department’s General Director, Jivan Prasad Sitaula, spoke of the increasing trend of earning money through ‘wrong means’ and hiding it. He called for bringing such individuals within the legal jurisdiction and punishing them. RSS