https://myrepublica.nagariknetwork.com/news/govt-forms-taskforce-for-effective-coordination-among-agencies-for-anti-mon...-6758c2b147f6e.html

The government has formed a taskforce to make the anti-money laundering mechanism effective.

A meeting of the Money Laundering Prevention Committee held on Tuesday formed the seven-member taskforce which includes high-ranking officials of the Office of the Attorney General, the Commission for the Investigation of Abuse of Authority, Nepal Rastra Bank, the Ministry of Finance, Financial Information Unit and the Department of Money Laundering Investigation.

The panel has been tasked with maintaining necessary coordination among the concerned government bodies working on anti-money laundering.

Last year, Nepal narrowly avoided being placed on the 'greylist' by the Financial Action Task Force (FATF), an international watchdog responsible for combating money laundering in countries across the world. Following the development, the government has shown much concern to implement laws and make working mechanisms effective to improve the situation.

In February, the government endorsed a bill on money laundering that was aimed to amend the Money Laundering Prevention Act-2020, Cooperative Act-2017, Tourism Act-1978, Nepal Penal Code Act-2017, Foreign Investment and Technology Transfer Act-2019, and Insurance Act-2022, among others.