The anti-money laundering agencies of India and Nepal held their first bilateral meeting in New Delhi, India, from 7-8 May 2024. The meeting aimed to combat money laundering and prevent crimes on the India-Nepal border. Mr. Pushpa Raj Shahi, Director General of Nepal’s Department of Money Laundering Investigation (DMLI), led the Nepalese delegation for this two-day bilateral meeting. The Director (i/c), Enforcement Directorate (ED), India, chaired the meeting. Apart from officials of ED and DMLI, representatives from the offices of the Ministry of External Affairs, the Indian Embassy in Kathmandu, and the Nepal Embassy in New Delhi were also present.
Tools for Investigation
During the meeting, both countries discussed their respective money laundering legislations and spoke at length about the various means to combat money laundering. Both sides also presented case studies and discussed the modus operandi of money laundering schemes. The ED explained the multiple analytical software, tools of investigation, and forensic tools and equipment used during money laundering investigations.
Strengthening Global Financial Systems
During the meeting, Nepal and India acknowledged that money laundering was a global threat to financial systems. By compromising the stability, transparency, and security of financial systems worldwide, money laundering poses a threat to economic prosperity. In this light, both countries acknowledged the significant threat posed by money laundering across their border. Both sides agreed on cooperation in combating money laundering and financial terrorism by regularly exchanging increased information and expeditious sharing of information and evidence for money laundering investigations. Both countries agreed to efficiently implement the Financial Action Task Force (FATF) to combat financial terrorism.
Capacity-Building
During the meeting, the DMLI requested the assistance of the ED to set up forensic laboratories along the same lines as the latter. It also asked for regular training exercises and capacity-building programs for DMLI officers at the ED. The ED accepted the same to work towards efficient agency-to-agency cooperation through informal networks and combat money laundering and asset recovery. Both sides also discussed a draft Memorandum of Understanding (MoU) between the ED and the DMLI to boost cooperation in money laundering investigations. The MoU took both countries a step closer in their fight for a secure financial system. The MoU will be signed as soon as both sides receive permission from their respective competent authorities.
The ED posted on its social media account X: “This was the first head of the agency level meeting between the two anti-money laundering agencies of India and Nepal. The 2-day meeting was aimed at developing cooperation and strengthening capacity building in the areas of money laundering and asset recovery between India and Nepal.” This high-level bilateral meeting concluded with a vote of thanks from the Director (i/c), ED, and the Director General, DMLI.
