Added At:  2011-04-28 10:54 PM

Last Updated At: 2011-04-28 10:54 PM

http://www.thehimalayantimes.com/fullNews.php?headline=NRB+signs+MoU+to+check+money+laundering+&NewsID=285861

KATHMANDU: Financial Information Unit (FIU) of Nepal Rastra Bank (NRB) has signed a Memorandum of Understanding (MoU) with China to share information regarding money laundering and funding of terrorist activities.

The MoU was signed by FIU chief Dharma Raj Sapkota and Anti-Money Laundering Division, Investigation Bureau, Ministry of Justice, Republic of China (Taiwan)’s general director Chi-Ping Chang in Taipei.

Information pertaining to illegal money laundering and funding of terrorist activities has to be shared with other nations that have entered into an agreement through MoU. This is supposed to help reduce such unlawful activities.

Nepal has entered into similar agreements with Bangladesh, Sri Lanka, Mongolia and Thailand.

Anti Money Laundering Act has already included banks and financial institutions, money changers, remittance agencies, casinos, share brokers, insurance agencies, land revenue office, Company Registrars’ Office, tax administration, gems and precious metals dealers, lawyers and accountants to provide mandatory information to FIU regarding any suspicious transaction or the ones exceeding Rs 1 million of their respective clients.