Kathmandu. In order to reduce the risk of money laundering from all levels of the insurer, not only for the employees of the insurer, but also the directors should take training on prevention of money laundering (AML/CFT).
Nepal Insurance Authority (NEA) has directed to provide training on AML/CFT for shareholders and directors who own 1 percent or more shares of the total paid-up capital of the insurer, but it has not been implemented. Most of the insurers have not conducted anti-money laundering training programs for operators.
NeA has not complied with the directive given through a circular on AML/CFT dated January 1, 2081 to provide training to the basic shareholders and directors. In the circular, nea has directed shareholders, directors and top managers who own 1 percent or more shares of the paid-up capital to conduct AML/CFT knowledge exchange program.
Nepal has been placed in the grey list for the prevention of money laundering and control of terrorist financing (AML/CFT) due to lack of seriousness by the Government of Nepal. The International Financial Task Force (FATF) has set a deadline for Nepal to be removed from the ‘grey list’. There is a challenge for the government to make policy reforms as well as significant improvements in indicators within the stipulated time.
