Added At:  2011-08-06 5:20 PM  

Last Updated At: 2011-08-06 5:20 PM

http://www.thehimalayantimes.com/fullNews.php?headline=Anti-money+laundering+strategy+coming+soon&NewsID=298391

KATHMANDU: The Ministry of Finance is preparing a five-year strategy on controlling anti-money laundering and combating financing of terrorism.

Discussions with the stakeholders were underway to give final shape to the strategy, according to Finance Secretary Krishna Hari Baskota. The main objective of the strategy is to control financing of terror activities and money laundering. The policies adopted by the government will be incorporated in it.

The strategy going to be enacted from this fiscal year in line with Nepal commitment in the international sector has 10 sections.

A committee has been formed under the Finance Secretary’s leadership to draft the strategy. “The final shape will come out within a few days,” said Baskota.

The Parliament has already endorsed Anti-Money Laundering Act, the first major step in honouring international commitments on anti-money laundering (AML).

According to Director General of Anti-Money Laundering Research Department, Khumraj Pujali, money laundering leads to collapse of economy and disturbs economic activities as well as adversely affects interest and foreign exchange. The department is investigating 131 cases related to money laundering.