Title: Nepal-India Border: Combating Money Laundering through Joint Efforts

Significant Bilateral Meeting between India and Nepal’s Anti-Money Laundering Agencies

On May 8, 2023, New Delhi witnessed the first-ever bilateral meeting between the investigation agencies of India and Nepal to strengthen their anti-money laundering cooperation. The following sections provide details about the significant developments that took place during the encounter.

Inaugural Interaction between Anti-Money Laundering Agencies

The top officials from both countries’ anti-money laundering agencies came together for a two-day meeting, marking the inaugural head-to-head level interaction between the two nations.

Nepalese Delegation

• Led by the Director-General of Nepal’s Department of Money Laundering Investigation (DMLI), Pushpa Raj Shahi.
• Participants also included representatives from both countries’ embassies in Delhi and Kathmandu.

Indian Delegation

• Led by India’s ED Director (in-charge), Rahul Navin.
• Representatives included officials from the Indian Ministry of External Affairs.

Exchange of Insights and Information

The encounter provided a platform for both sides to share knowledge on respective anti-money laundering legislations, discuss common money laundering schemes and investigate tools.

Sharing of Case Studies

Each side presented their case studies to discuss common trends and money laundering schemes.

Showcase of Investigative Tools

India shared details about their investigative tools, analytical software, and forensic equipment used during their anti-money laundering investigations.

Dangers of Money Laundering

Both sides emphasized the importance of combating money laundering, underscoring its threats to security and financial systems, which can undermine economic prosperity globally.

Assistance Requested and Offered

The DMLI requested assistance from the ED to set up forensic labs, while India expressed a willingness to oblige.

Collaboration and Information Sharing

Both parties agreed to bolster their anti-money laundering cooperation, committing to expedited information sharing and collaboration, as necessary.

MoU Consideration

The signing of a Memorandum of Understanding (MoU) between the ED and DMLI to enhance mutual cooperation in money laundering investigations is being considered.

Commitment to FATF Standards

Both India and Nepal reaffirmed their commitment to implementing the Financial Action Task Force (FATF) standards to protect financial systems from misuse.