Kathmandu. Suspicious transactions and activities have increased in Nepal. The Financial Information Unit of Nepal Rastra Bank (NRB) published the financial year 2081. This is evident from the report of 82. “In the last financial year, financial information collection through the GoAML system has increased significantly.
Last year 2080. In 2081, the number of index institutions affiliated to GOAML was 1,639. It has reached 3,497 out of 82,” the report states, adding that the unit received 9,565 suspicious transactions and activities reports during the same period. This figure is about 30 percent more than the previous year. ’
The analysis of the report received has also increased by about 40 percent, according to the unit. After the analysis, the unit has forwarded financial information reports based on 945 suspicious transactions and activities to the Nepal Police, Inland Revenue Department, Department of Revenue Investigation, Commission for the Investigation of Abuse of Authority and other related law enforcement bodies. According to the unit, this has directly helped in identification, investigation and prosecution of financial crimes.
The report presents the details of policy and operational works and programmes carried out by the units in relation to the prevention of money laundering, the prevention of financing in terrorist activities and the financing of weapons of mass destruction in Nepal, reports to be received from the units and their analysis and data, details on internal and international coordination. In the last fiscal year, the unit has been able to prepare guidelines on information security, privacy and use, issue and update GOAML operational guidelines, and update guidance on suspicious transactions and border transactions.
In addition, the unit has been conducting targeted capacity building, orientation and awareness programs for indicators, regulatory bodies, law enforcement agencies and other stakeholders throughout the year. In the last fiscal year, the unit has shared 64 information with the Foreign Financial Information Units (FIUs) and has further strengthened and expanded the cooperation in the international level against cross-border financial transactions, cross-border crime networks, cyber fraud and new types of crimes.
Apart from this, the report also includes the coordination work done by the units after Nepal was included in the grey-list list after the mutual evaluation done by the APG in 2023. The annual report identifies a risk-based approach, technology-based analysis, inter-agency coordination, and improvement efforts as per international standards as the next priority areas of the unit. According to the report, the unit’s future course of action is to strengthen the quality of financial information analysis and make national and international cooperation more effective.
