FIU-Nepal publishes 4th edition newsletter; records 49 pc increase in suspicious transaction reports in 2024

KATHMANDU: Nepal Rastra Bank’s Financial Intelligence Unit (FIU-Nepal) has published its Fourth Edition newsletter covering activities from January to December 2024. The newsletter details key developments, including 49% increase in suspicious transactions and activity reports submitted under the Asset (Money) Laundering Prevention Act, rising from 6,255 in 2023 to 9,304 in 2024. Of these, FIU-Nepal analysed 1,894 reports in 2024, forwarding 1,086 to law enforcement and regulatory bodies, while archiving 808 for re-analysis should further information become available.

The publication also notes that cross-border transaction details increased from 1,783,183 in 2023 to 1,972,855 in 2024. Furthermore, the number of reporting institutions, law enforcement agencies and regulatory bodies integrated into FIU-Nepal’s goAML system grew from 1,496 at the end of 2023 to 1,905 at the end of 2024. The newsletter provides additional information on FIU-Nepal’s capacity-building activities, its national and international coordination efforts, and includes articles by the Department of Money Laundering Investigation (DMLI) and FIU-Nepal itself, as well as details on guidelines issued and links to useful reports.

In the foreword, Head of FIU-Nepal Bashu Dev Bhattarai underlines the unit’s crucial role in combating money laundering, terrorism financing and proliferation financing. He explains that FIU-Nepal receives and analyses suspicious transaction, activity and threshold transaction reports from reporting entities, disseminating financial intelligence to law enforcement and regulatory bodies. Bhattarai also highlights international collaboration through the EGMONT Group, recent legal reforms following the recommendations in Nepal’s 2023 Mutual Evaluation Report, and the successful integration of new sectors into the goAML system. He extends his gratitude to domestic stakeholders and international partners for their continued support.

This edition of the newsletter offers key insights into FIU-Nepal’s enhanced efforts to safeguard financial integrity and promote effective regulatory compliance.

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