Kathmandu . The trend of revenue evasion through various crimes has started to increase in Nepal. The report released by the National Bank of Nepal shows that the trend of illegal money laundering in Nepal has increased by 34 percent.
According to the National Bank of Nepal’s report, suspicious transaction and activity reports have been found to be related to tax evasion, monetary and banking, foreign exchange, insurance, cooperatives, fraud, lottery gambling, betting and other related offenses.
Among the suspicious transaction and activity reports received, there was an increase of 34 percent compared to the previous year, and the total number analyzed in the fiscal year 2080/81 reached 1,632, out of which 889 reports have been forwarded to law enforcement agencies for further investigation and action.
Nepal Rastra Bank According to the details made public, the number of investigative bodies and regulatory bodies is gradually increasing. The number of suspicious transaction and activity reports transmitted to the unit by the reporting institutions was 5,935 in the fiscal year 2079/80, but in the fiscal year 2080/81, the number has increased by about 24 percent to 7,338.
The number of border transactions submitted to the unit by the reporting institutions as required by the Money Laundering Prevention Act, 2064, was 1,698,398 in the fiscal year 2079/80, compared to 1,697,712 in the fiscal year 2080/81. The Financial Information Unit has published and made public the annual report for the fiscal year 2080/81. The report provides details and information regarding the annual activities of the unit and Nepal’s money laundering prevention system. The unit has been linked to the GoAML system for reporting as required under the Anti-Money Laundering Act, 2064, regarding the prevention of money laundering and the prevention of financial investment in terrorist activities.
Currently, Nepal has been placed on the Financial Action Task Force (FATF) additional monitoring list, and Nepal is making efforts to exit it and implement a time-bound action plan. Money Laundering and Financial Crimes mentions the types of money laundering and terrorist financing-related offenses being used in Nepal.
Similarly, the techniques, methods and trends of committing the offenses such as hundi, cyber fraud, online illegal games, intangible assets, tax evasion, corruption, money laundering through import and export, etc.
Of these, 746 reports have been archived by the unit for re-analysis if additional information is received in the future. Nepal has made various improvements during the one-year observation period, with the completion of the third round of mutual evaluation of Nepal in 2023.
The number of investigative and regulatory bodies affiliated with the GoAML (GoAML), established as a unit for reporting on anti-money laundering and counter-terrorist financing, has reached 1,639.
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