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Nepal expresses support to anti-money laundering bill

October 13, 2023 Nepal Casino & HotelCrime & Legal

An anti-money laundering (AML) measure has received the support of a committee in the Nepalese House of Representatives in an attempt to update current rules and regulations to conform to international standards.

The distance between new casinos and the nation’s foreign boundaries may now be increased from 3 kilometers to 5 kilometers under the supported measure, which is a significant adjustment. This amendment tries to limit any illegal activity coming from casinos that may traverse international borders.

Numerous more recommended changes to the law are included to address issues with anti-money laundering and countering terrorist funding. To keep Nepal off the Financial Action Task Force’s (FATF) “grey list,” these adjustments are necessary, coupled with measures implemented by national enforcement authorities.

In order to prevent money laundering and stop the funding of terrorism, the Asia/Pacific Group on Money Laundering (APG) urged Nepalese authorities to considerably improve risk-based oversight of non-financial enterprises and professions, including casinos. Due to its porous border and strong economic and commercial ties, Nepal is vulnerable to money laundering threats from its neighboring countries, according to the APG. Casinos are seen to be a weakness for the laundering of foreign money, especially those close to the border.

There are 15 mini-casinos among Nepal’s 28 licensed casinos, which have sites in Kathmandu and close to the Indian border. These casinos generate an estimated NPR 9 billion annually, or around USD 67.5 million. Following a National Risk Assessment carried out in 2020, the country’s casino sector was categorized as having a “medium-high vulnerability” to money laundering threats.

Original story by: GGRAsia

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