Thursday, May 3, 2012

Central bank seeks assistance in fight against flow of dirty money

The central bank has asked the donors, especially International Monetary Fund (IMF), to continue their help in reforming the laws and increase capacity of the supervisory bodies that could help in fighting against the flow of dirty money.
The IMF has been helping Nepal to reform anti-money laundering laws, increase supervisory capacity of the Financial Information Unit (FIU) under the central bank, apart from preparing the national strategy, which the country has already prepared with the help of IMF.
The IMF is providing technical assistance to Nepal in executing the national strategy, according to the central bank.
Nepal Rastra Bank governor Dr Yubraj Khatiwada appraised the annual meeting of the steering committee of anti-money laundering-combating the financing of terrorism (AML-CFT) Topical Trust Fund under the IMF's coordination about developments in Nepal on the issues of legal reforms regarding the anti-money laundering.
Over a dozen donors were present in the meeting on Tuesday in Doha, where they welcomed Nepal's progress on fighting the flow of dirty money, despite various challenges. But they also asked Nepal to implement its earlier promises as soon as possible.
Meanwhile, a team led by central bank deputy governor Maha Prasad  Adhikari is going to New Delhi on Monday to take part in the face-to-face interaction to be held on May 8.
Nepal will present its current status on its move towards fighting against the flow of dirty money during the face-to-face, according to the central bank. Though, the country has ratified AML UN conventions, it has still to pass the three key Bills — Mutual Legal Assistance Bill, Extradition Bill and Bill Against Organised Crime — that are among the major commitments to the Financial Action Task Force (FATF)
that is an inter-governmental body established in 1989 by the ministers of its member jurisdictions to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. It is therefore a 'policy-making body' which works to generate the necessary political will to bring about national legislative and regulatory
reforms in these areas.
Similarly, the FATF's decision making body — the FATF Plenary — meets three times every year. This year it met in February in Paris and granted time extension to Nepal to pass the three remaining Bills. The new recommendations it passed in February meeting can also help combat corruption.
The renewed February mandate will allow the FATF — through its global network of 187 partner countries — to ensure that all are doing their part to make the international financial system off-limits to criminals, terrorists and others threats to financial stability.


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