Kathmandu. Money laundering is the act of trying to convert illegal black money into white money. This is an act prohibited by law. If this is done, you will have to face legal punishment.
Nepal Rastra Bank (NRB) has issued an awareness notice for financial awareness today, advising people to follow the anti-money laundering law and avoid legal punishment. “The person who commits such an act should be a party to the punishment as per the law,” the NRB said.
According to the Prevention of Money Laundering Act, 2064, ‘money laundering’ refers to the act of knowing that the property acquired by a person is property acquired by an offence or having sufficient grounds to believe:
- Converting or transferring property in any way with the aim of concealing or evading the illegal source of such property or helping to protect the person involved in the crime from legal action,
- The exact nature, source, place, disposal of property obtained from the crime, concealing, circumventing or altering rights over the property,
- Acquiring, using, or holding such property.
Rastra Bank has clarified that any of these activities will be conspired, helped, encouraged, facilitated, consulted or engaged in industry, or affiliation or participation or involvement.
