KATHMANDU: The face-to-face meeting of the Regional Revenue Group and the Financial Action Task Force (FATF) has shown concerns regarding the approval of the Bill Against Organised Crime, operational independency of Financial Information Unit (FIU) and amendment of Anti-Money Laundering Act.
Though the meeting held in Sydney hailed Nepal’s action plan on improving the legal and procedural environment in fighting against the flow of dirty money, it showed some concern on the delay in approval of the Bill Against Organised Crime — one key Bill among three — Nepal had long committed to approve, said deputy governor of the central bank Maha Prasad Adhikari.
Participants were interested in the process of how the Bill could be approved in the absence of a parliament and if it was on the government’s priority list, he said, adding that the Nepali team led by finance secretary Krishna Hari Baskota, however, convinced them that the Bill would be approved at the earliest. Two Bills — Mutual Legal Assistance Bill and Extradition Bill — were approved through ordinance on June 18 by the President, according to the country’s international commitment.
Baskota, on the occasion, briefed the meeting of the country’s effort to amend the Anti-Money Laundering Act and its draft that is under consultation currently.
Nepal will have an amended Anti-Money Laundering Act before June 13, the deadline the country has submitted to the FATF — an inter-governmental policymaking body whose purpose is to establish international standards and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism — as it is already in the pipeline and also due to high-level political commitment to address AML/CFT.
Similarly, the operational independency of FIU and its membership with the Egmont Group of Financial Intelligence Units were also discussed in the meeting. “Though FIU is under the central bank, it is a fully independent entity,” Adhikari informed the meeting that further discussed on making FIU fully automated.
Egmont Group of Financial Intelligence Units members are connected through a software that helps them exchange information on the flow of dirty money. “But FIU is in the process of acquiring software from United Nations Office on Drugs and Crime (UNODC) that helps harmonise the software of all members,” he said, adding Nepal has asked donors for help in acquiring UNODC software that will help mitigate risks when upgrading to a new software. “FIU’s membership of Egmont Group has been delayed due to the lack of the software.”
Nepal also presented its 12-point AML guideline and progress on its fight against money laundering. The next face-to-face meeting will be held in January — by when Bill Against Organised Crime is expected to be approved — and the FATF plenary will be held in October.
Bahrain Air to fly to Nepal
KATHMANDU: Bahrain Air — the national carrier of Bahrain — is to fly twice weekly — on Fridays and Sundays — to Kathmandu from September 14.
“We have received several requests from customers from around our network regarding flights between Bahrain and Kathmandu,” said chief executive officer of Bahrain Air Richard Nuttall, adding that the company is delighted to announce two weekly flights from Tribhuwan International Airport (TIA) to Bahrain International Airport.
“Onwards, passengers can
connect to their favourite
Kathmandu will remain an essential part of Bahrain Air’s network, being the fifth city the airline currently operates to in the Indian subcontinent with further expansion sought subject to receiving government approval.
“Maintaining our slogan ‘Affordable Fare, Genuine Care’, customers will be offered the best value for money for travel to the Kingdom of Bahrain from the region,” Nuttall said.