Finance Minister Dr Baburam Bhattarai here today said that money laundering could become a grave threat to the country.
The government will bring strong measures to check money laundering through tax evasion and illegally amassing wealth, he said adding that the regulation against money laundering was on the anvil.
The Financial Information Unit under the central bank investigates complaints of money laundering. "The department will be strengthened to check the crime," Dr Bhattarai said while inaugurating a one-day seminar on money laundering organized by Nepal Rastra Bank here today.
"Though Nepal has an Anti-Money Laundering Act, it lacks regulation", said Nepal Rastra Bank (NRB) governor Dipendra Bahadur Chettri. "Nepal can learn from international experience and its own experience as well on how to combat money laundering," he added.
"Amassing wealth overnight without proper source of income is rampant in Nepal. This phenomenon needs to be checked for the better health of the financial market," Chhetri said.
"Financial institutions are being used in illegal channelling of money," said NRB deputy governor K B Manandhar. Thus, banks can help in the implementation of the Anti-Money Laundering Act," he added.Members of the Constitutent Assembly (CA) and representatives of regulatory authorities took part in the seminar.