GOVT. TEAM GOING TO MACAU

NRB ASKS NSM TO RE-OPEN OFFICES

Kathmandu, 10 May; Nepal Rashtra Bank (NRB) Tuesday directed Nepal Share Markets Financial Company NSM to re-open to closed offices and pay depositors.
The class C financial company has closed down its outlets since last week involving its chairman and family members defrauding the company nearly Rs. 2 billion.
The central bank asked the company to present it with the latest audit report.
Nnnn

NEW YORK BANK CLOSES ACCOUNT OF NEPAL MISSION
TO UN


Kathmandu, 10 May: A high-level government team is going to Macau on Wednesday to submit yet another progress report on anti-money laundering (AML) and combating the financing of terrorism (CFT), Mukul Humagain reports in The Kathmandu Post.
Because of its slow progress in curbing AML, Nepal risks being blacklisted by the Financial Action Task Force (FATC) an inter-governmental body of AML/CFT formed by G30.
Three top government officials—the central bank governor, finance secretary and law secretary—will attend the Asia Pacific Regional Review Group meeting of the Financial Action Task Force (FATF) in Macau where they will present efforts made by Nepal regarding AML/CFL
,along with India, co-chairs the group.
The participation of the high-level officials in the meeting is understandable, as Nepal’s slow progress in the endorsement of bills related to AML saw Chase Bank closing account of Nepal’s Permanent Mission n New York.
nnnn