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FIU - Nepal

Introduction

Financial Information Unit (FIU) is Nepal's financial intelligence unit. It is a central, national agency responsible for receiving, processing, analyzing and disseminating financial information and intelligence on suspected money laundering and terrorist financing activities to the Investigation Department, other relevant law enforcement agencies and foreign FIUs. The FIU was established on 21 April, 2008 under the section 9 of the Assets (Money) Laundering Prevention Act, 2008 with the Nepal Rastra Bank (the central bank) as an independent unit.

The FIU is also assigned to function as the secretariat of the Coordination Committee constituted as a standing committee under the coordination of secretary of Ministry of Finance including secretaries from Ministry of Home, Law, Justice and Parliamentary Affaire, Foreign Affairs and Deputy Governor from Nepal Rastra Bank as members. The chief of FIU is the Secretary of the committee.

The legislation, in regards to AML/CFT, mandates the FIU to:

•  receive and collect reports on suspicious and prescribed threshold financial transactions and other information relevant to money laundering and terrorist activities financing from government agencies, financial institutions and non-financial institutions;
•  analyze and assess the information received from reporting agencies;
•  provide suspicious and other relevant information to the Investigation Department and others relevant;
•  direct the banks, financial institutions and non financial institutions regarding the reporting;
•  ensure compliance by reporting entities with their obligations under the Act, rules and regulations;
•  inspect transactions and records of bank, financial institution and non financial institution;
•  manage training and awareness programs;
•  fine bank, financial institution and non financial institution in the failure of reporting compliance;
•  develop information exchange mechanism with other FIUs or related international institution by entering into Memorandum of Understanding or membership.