Jul.05, 2010, 10:41

Nepal is all set to strike a deal with Mongolia, Thailand and Malaysia regarding financial information exchange to prevent money laundering and terrorist financing.

The Memorandum of Understanding (MoU) to this effect will be signed at the 13th annual general meeting of the Asia-Pacific Group on Money Laundering (APG) to be held in Singapore from July 12-16. Nepal is a member of the APG.

The MoU will make it mandatory for the two sides to provide each other financial information on bank balance, investment in real estate, shares and about persons suspected to have been involved in money laundering and terrorist financing.

It is also learnt that Nepal and India are also all set to sign such a MoU within a few months.

Nepal has also asked Hong Kong to sign a MoU in the light of alleged capital flight to Hong Kong in the name of importing wool, it is reported.

During the AGM, Nepal will forward its opinions on compliance on anti-money laundering (AML) and combating financing on terrorism (CFT) measures. Nepal has already enforced anti-money laundering laws and enforced them in several areas including government agencies, banks and financial institutions, insurance companies, money transfer agencies, money changers, cooperatives and casinos already. nepalnews.com