Tue, Mar 29, 2011 - Page 3 News List

Taiwan, Nepal ink deal to cooperate on financial crime

Staff Writer, with CNA

Taiwan signed a memorandum of understanding (MOU) with Nepal yesterday on cooperation in the fight against money laundering, terrorism funding and other financial crimes.

The MOU was signed by Chang Chi-ping (張濟平), director-general of the Ministry of Justice’s Investigation Bureau, and Dharma Raj Sapkota, head of the Financial Information Unit of Nepal Rastra Bank, the nation’s central bank.

Under the MOU, the two countries will exchange information about suspected money laundering and other cross-border financial criminal activities, including terrorism financing, Chang said at the signing ceremony at the bureau’s headquarters.

Nepal is the 17th country to sign such an agreement with Taipei, after the US, South Korea, the Philippines, Israel and 12 other nations, Chang said, adding that Taiwan hopes to enter into similar arrangements with as many countries as possible.

Taiwan and Nepal are both members of the Asia Pacific Group on Money Laundering. The two countries began discussions last year on the MOU during an annual conference in Singapore.

“We are pleased that the almost year-long negotiations have come to fruition,” Chang said.

As Taiwan was designated to help Nepal meet the requirements to join the Egmont Group on countering money laundering, the bureau has sponsored a training program for officials of the Nepalese central bank’s financial intelligence department on how to craft legal framework for the documentation of financial dealings and the prevention of money laundering.

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