Money Laundering is the process of transferring illegally obtained money to conceal its sources. It is an act of converting dirty money into clean money. Money Laundering has been major issue since the end of 1980s. However, it started getting high priority after the event of 9/11, when it was connected to fight against fighting terrorism financing. The preexisting anti money laundering (AML) measures were expended.
In Nepal, Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT) came into highlights after getting the membership of Asia Pacific Group on Money Laundering, which was established in 1997. Nepal became its member in 2002. This membership helped Nepal to realize the importance of AML/CFT regime in the system and raised awareness about its responsibility towards international community in this regard. Money Laundering Prevention Act, 2008 and Rules, 2010 came in force.
Financial Information Unit (FIU) was established as per the provision of this Act by Nepal Rastra Bank. FIU is a central agency which collects, analyzes and disseminates financial information. For the purpose, FIU has issued different directive to financial and non-financial institutions. It receives different Threshold Transaction Reports and Suspicious Transaction Report from them. It also conduct different workshops, interactions and training programs for different stakeholders to make them familiar with the concepts of AML/CFT.
In the year 2010, Nepal received correspondence from International Cooperation Review Group (ICRG) stating Nepal could be listed as non-cooperative country. In July, 2011 Mutual Legal Assistance and Extradition Bills were drafted by the Government. They were passed by the Interim Constitution acting as Parliament according to its Provision of Section 83 in October, 2012. Bill Against Organized Crime was passed in February 2013. The bills has provided the government with the power to act against money laundering.
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