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Anti-Money Laundering Department In Operation (september 2011)

  3 min 16 sec to read

The government has formally inaugurated the Department of Money Laundering Investigation (DoMLI) on August 5. After inauguration of the department, the then Finance Minister and Deputy Prime Minister Bharat Mohan Adhikari said that Nepal is committed to control legalisation of illegal money and prevent possible terrorist financing from Nepal.

Nepal has already expressed commitment to the 49-point charter proposed by Financial Action Task Force, international body for control of money laundering and terrorist financing.

Till date, the government has been looking after such financial crimes through the Department of Revenue Investigation. The department was set up after FATF tagged Nepal as the most vulnerable spot in South Asia.

Adhikari said that with the establishment of the department, the government will now seek sources and take action against those who have gathered huge property overnight without any plausible source of income.

Governor of Nepal Rastra Bank Dr Yuba Raj Khatiwada said that financial transparency would be maintained in a better way with the department coming into operation.

Separate Office for Intellectual Property

The government is set to establish a separate office for the protection of intellectual property as the trend of securing trademark for industrial products is increasing. Currently, trademarks are issued by Industrial Property Division at the Department of Industry.

Spokesperson at the department Dhruba Joshi said that a separate office is being set up as the number of tasks has increased since last year. A taskforce is formed under a joint-secretary in the Ministry of Industries for that purpose.

After the office is set up, trademarks will be issued by it. Trademarks were made compulsory last year jointly by the department and World Intellectual Property Organisation. In 2010, 2,351 products received trademarks including 1,622 national and 729 international products.

Private Company to Manage Valley Waste

Shital Environment Group Pvt Ltd is planning to invest Rs 10 million in its cleaning business that targets to manage waste in the Kathmandu Valley. Surendra Acharya, Chairman of the company, confirmed that the plan to commence the work has reached the final stage. The company is being established in three ropani area in Godavary.

Acharya said, “With the establishment of the company, we will begin waste management from the source itself.” The company has planned to organise programmes on waste management in all cities across the country.

Acharya revealed that the company is planning to produce biogas and electricity through waste. He suggested training for housewives in waste management and inclusion of waste management in academic curriculum. The Waste Management Act 2011 has the provision to involve private sector in waste management.

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