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National Investigation Department (NID) (Nepali: राष्ट्रिय अनुसन्धान बिभाग) is the main intelligence agency of Nepal collecting information about country’s public security, economic crimes, corruption, domestic and cross border terrorism, money laundering, narcotics, and human trafficking.
The Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units (FIUs) to investigate and prevent money laundering and terrorist financing.
Placing 'dirty' money in a service company, where it is layered with legitimate income and then integrated into the flow of money, is a common form of money laundering. Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground ...
In the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from the ongoing money laundering, terrorist financing, and proliferation financing risks emanating from the country". [5] As of November 2022, only three countries were on the FATF blacklist: North Korea, Iran, and ...
The fund was then transferred to bank accounts controlled by Prithvi Bahadur Shah in Nepal. [12] [13] Nepal Rastra Bank received a request from the Financial Crimes Enforcement Network to confiscate and return the money. The Bank withheld the money and directed it to the Department of Money Laundering Investigation for further Investigation.
The Asia/Pacific Group on Money Laundering (APG) is a FATF-style regional inter-governmental (international) body, the members of which are committed to effectively implementing the international standards against money laundering (Anti–money laundering or AML), combating the financing of terrorism (CFT) and financing the proliferation of weapons of mass destruction.
In a 2011 forensic study of grand corruption cases, the World Bank found the United States was the leading victim of illegal incorporation of entities involved in money laundering schemes. [24] The Department of Treasury estimates that $300 billion is laundered annually in the United States in violation of US law. [25]
Subsequently, on February 22, 2023, a bill to amend certain acts related to the Prevention of Money Laundering and Promotion of Business Environment-2079 was introduced in the House. This development occurred against the backdrop of Nepal facing the risk of being greylisted by the Financial Action Task Force (FATF). [9]