FIU-Nepal publishes 13th annual report; progress in combating money laundering highlighted
KATHMANDU: Nepal Rastra Bank's Financial Intelligence Unit (FIU-Nepal) has published its 13th Annual Report, showcasing major progress in combating money laundering, terrorist financing, and financial crimes during the fiscal year 2023/24.
The report highlights substantial reforms, including amendments to the Asset (Money) Laundering Prevention Act, 2008, and the integration of Designated Non-Financial Businesses and Professions (DNFBPs), such as casinos and real estate firms, into the goAML software. This move aims to ensure enhanced data transparency and operational efficiency.
FIU-Nepal reported that over 7,300 Suspicious Transaction Reports (STRs) were analysed during the fiscal year. These reports provided actionable intelligence to several Law Enforcement Agencies (LEAs). Key compliance upgrades with the Financial Action Task Force (FATF) recommendations were also achieved.
According to the report, FIU-Nepal conducted extensive training and outreach programmes for various reporting entities, focusing on improving compliance under the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime.
“This report reflects FIU-Nepal’s commitment to building a robust framework against financial crimes,” said Bashu Dev Bhattarai, Head of FIU-Nepal. He added that the Unit remains focused on strengthening partnerships with national and international stakeholders.
The report underscores the importance of adopting a risk-based approach and emphasises enhanced collaboration among regulators and reporting entities to address emerging threats. FIU-Nepal has also stressed the need for continued focus on integrating more Designated Non-Financial Businesses and Professions (DNFBPs) into its reporting framework while improving analytical capacity.
Key achievements of the fiscal year include expanded use of the goAML platform, increased STR reporting quality, and reinforced international cooperation with foreign FIUs. These efforts aim to bolster Nepal's compliance with FATF recommendations and combat financial crimes effectively.
