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<p>“Real-time money transfers driven by new technology and multi service institutions have made money laundering and potential use of such fund for criminal and illegal activities much easier than before,” reads a statement issued by the Ministry of Finance quoting Khatiwada as saying.</p>
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July 24: Finance Minister Yuba Raj Khatiwada has warned of increased risk of money laundering due to the new industrial revolution with the massive application of digital technologies in finance, also known as fintech.
Speaking at the 21st APG Annual Meeting in Kathmandu on July 24, the finance minister said that digital money transfers, virtual mode of payments driven by crypto currencies and evolution of non-banking financing vendors have complicated the tracking of financial transactions.
“Real-time money transfers driven by new technology and multi service institutions have made money laundering and potential use of such fund for criminal and illegal activities much easier than before,” reads a statement issued by the Ministry of Finance quoting Khatiwada as saying.
“As this change of business calls for further intelligent and high tech approach of the regulatory institutions and the governments, meetings like this would help us to strategize our policies and actions to cope with such emerging challenges,” the statement further said.
The minister expressed his belief that this plenary meeting would provide an opportunity to apply “our wisdom, express our commitment and collectively resolve the global threat of money laundering and financing of terrorism”.
He further said in his opening remarks that money laundering not only raises the threat of criminal activities, but also destabilizes investment climate and destroys business environment.
“It undercuts government revenues and diverts resources away from basic development to illegal and unsocial activities resulting in added cost for security, good governance and inclusive development. This might also pose an impediment in our efforts to achieve the ‘2030 Agenda’ briefly known as the SDGs,” he noted.
He further said that the crimes of money laundering and financing of terrorism do not confine within the borders of one or two jurisdictions. In view of their trans-border flows, pervasive nature and use of advanced technology, prevention and control of these crimes call for robust global, regional, and national regimes with adequate legal and institutional mechanisms in place, he further said.
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<p>“As this change of business calls for further intelligent and high tech approach of the regulatory institutions and the governments, meetings like this would help us to strategize our policies and actions to cope with such emerging challenges,” the statement further said.</p>
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<p>He further said in his opening remarks that money laundering not only raises the threat of criminal activities, but also destabilizes investment climate and destroys business environment.</p>
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<p>“Real-time money transfers driven by new technology and multi service institutions have made money laundering and potential use of such fund for criminal and illegal activities much easier than before,” reads a statement issued by the Ministry of Finance quoting Khatiwada as saying.</p>
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<p>“Real-time money transfers driven by new technology and multi service institutions have made money laundering and potential use of such fund for criminal and illegal activities much easier than before,” reads a statement issued by the Ministry of Finance quoting Khatiwada as saying.</p>
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<p>“Real-time money transfers driven by new technology and multi service institutions have made money laundering and potential use of such fund for criminal and illegal activities much easier than before,” reads a statement issued by the Ministry of Finance quoting Khatiwada as saying.</p>
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