Nepal is a member of the Asia/Pacific Group on Money Laundering. The Department of Money Laundering Investigation (DMLI) is the governmental body delegated with the investigation and prevention of money laundering and financing of terrorism.
DMLI’s authoritative scope is laid out in three pieces of Legislation:
- MoLPA 2008 2nd Amendment Ordinance 2013
- Money Laundering Prevention Act, 2008
- Money Laundering Prevention Rules, 200
The Financial Intelligence Unit is an independent unit helped by the Central Bank of Nepal (NRB). The FIU centralizes receipt of, processing, analyzing and dissemination of financial information and intelligence on suspected money laundering and terrorist financing activities.
Department of Revenue Investigation (DRI), under the Ministry of Finance, has broad authority to investigate revenue leakage and other economic crimes. Some of the legislation empowering this body include: The Revenue Leakage (Investigation and Control) Act-1995, Foreign Exchange Regulation Act (FERA) -1963, provisions of Customs Act-2008, Value Added Tax Act-1995 and the Excise Act-2001 .
The Commission for the Investigation of Abuse of Authority (CIAA), is an constitutional body empowered to investigate and prosecute corruption in Nepal.
Asian Clearing Union
Asian Clearing Union (ACU) is the simplest form of payment arrangements whereby the participants settle payments for intra-regional transactions among the participating central banks on a multilateral basis. The main objectives of a clearing union are to facilitate payments among member countries for eligible transactions, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries. The ACU is a clearing houses/payments arrangements operating in various regions of the world.