Monday, March 28, 2011

Nepal, Taiwan sign pact to jointly combat money laundering

Nepal signed a memorandum of understanding (MoU) with Taiwan today to join hands in fighting against money laundering, terrorism funding and other financial crimes.
Head of the Financial Information Unit of Nepal Rastra Bank Dharma Raj Sapkota and director-general of Investigation Bureau (IB) under Ministry of Justice of Taiwan Chang Chi-ping signed the MoU on behalf of their respective institutions in Taiwan.
Under the MoU, the two countries will exchange information about suspected money laundering and other cross-border financial criminal activities, including terrorism financing.
Nepal and Taiwan both are members of the Asia Pacific Group (APG) on Money Laundering. The two countries began discussions last year on the MoU during an annual APG conference in Singapore.
As Taiwan was designated to help Nepal meet the requirements to join the Egmont Group to counter money laundering, Taiwan has sponsored a training programme for central bank officials of financial intelligence department on how to craft a legal framework for documentation of financial dealings and prevention of money laundering.
Only Egmont Group membership qualifies Nepal to exchange information -- relating to Money Laundering and Terrorism Financing -- with and among the FIUs around the world. Nepal has made preliminary application for Egmont Group membership in January 2010.
The Egmont Group of Financial Intelligence Units (FIUs) provides a forum for FIUs to improve cooperation in the fight against money laundering and the financing of terrorism and provide support for the implementation of domestic AML/CFT regimes.
The Group was founded in 1995, when a group of FIUs met at the Egmont Arenberg Palace in Brussels, and now has 116 members worldwide. The member FIUs meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise.
Currently known as the Egmont Group, these FIUs meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise.
As part of the recognised global network of FIUs, Egmont members can take advantage of the cooperation and mutual assistance fostered by the group. Meetings and workshops provide a forum for the sharing of best practices, and allow all members to participate fully in Egmont Group decision-making. Members share experiences and ideas, offer advice, and learn from the successes and mistakes of colleagues.
The Egmont Group has fostered a collegial environment over the years, a forum of goodwill where colleagues meet, become acquainted and openly and eagerly assist one another.

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