Nepal to sign Anti-Money Laundering Agreement with Mongolia, Thailand and Malaysia
Nepal is to sign a deal with Mongolia, Thailand and Malaysia in order to facilitate financial information exchange aimed at preventing money laundering and terrorist financing.
The Memorandum of Understanding will be signed at the 13th annual general meeting of the Asia-Pacific Group on Money Laundering (APG). The meeting will be held in Singapore from July 12-16.
In accordance with the Memorandum of Understanding, it will be mandatory for the 2 sides to provide each other financial information on bank balance, investment in real estate, shares and about persons suspected in money laundering and terrorist financing.
Also, such an agreement is to be signed between Nepal and India within a few months.
Nepal has recently asked Hong Kong to sign a Memorandum of Understanding in the light of alleged capital flight to Hong Kong in the name of importing wool.
At the APG event, Nepal will forward its opinion on compliance on anti-money laundering and combating financing on terrorism measures. The country has already enforced anti-money laundering legislation and enforced some rules regarding banks and financial institutions, insurance companies, money transfer agencies, money changers, government agencies, cooperatives and casinos.