India and Nepal recently concluded their inaugural bilateral meeting aimed at addressing issues related to money laundering. The two-day event saw representatives from Nepal’s department of money laundering investigation (DMLI), led by Director General Pushpa Raj Shahi, engaging with officials from India’s Enforcement Directorate (ED).
The meeting, characterized as a platform for fostering mutual cooperation and enhancing capacity building in combating money laundering and facilitating asset recovery, marked the first high-level interaction between the two countries’ anti-money laundering agencies.
Led by ED Director (in-charge) Rahul Navin, the Indian delegation, along with representatives from respective embassies in Delhi and Kathmandu and the Indian external affairs ministry, exchanged insights into their anti-money laundering legislations and discussed strategies to tackle the issue effectively.
Discussions encompassed the presentation of case studies, identification of common money laundering schemes, and elucidation of investigative tools and techniques employed in combating financial crimes.
Acknowledging the global ramifications of money laundering on security and economic stability, both sides emphasized the need for concerted efforts to mitigate risks, particularly along the porous border shared by India and Nepal.
To bolster cooperation in combating money laundering and terrorism financing, the agencies agreed to enhance information sharing and coordination, ensuring prompt exchange of evidence and intelligence when necessary. The significance of adhering to Financial Action Task Force (FATF) standards to safeguard against financial system abuses was underscored during the discussions.
In response to Nepal’s request for assistance in establishing forensic laboratories and capacity building for DMLI officers, the ED expressed its readiness to support such initiatives, further strengthening agency-to-agency cooperation.
As a tangible outcome, a draft Memorandum of Understanding (MoU) between the ED and DMLI was deliberated upon, with plans for its formalization pending approval from respective authorities, signaling a step forward in bilateral collaboration in combating financial crimes.
As a tangible outcome, a draft Memorandum of Understanding (MoU) between the ED and DMLI was deliberated upon, with plans for its formalization pending approval from respective authorities, signaling a step forward in bilateral collaboration in combating financial crimes.
As a tangible outcome, a draft Memorandum of Understanding (MoU) between the ED and DMLI was deliberated upon, with plans for its formalization pending approval from respective authorities, signaling a step forward in bilateral collaboration in combating financial crimes.
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