Separate agency like CIAA needed to investigate economic crimes: Dr Wagle

Kathmandu. Finance Minister Dr Swarnim Wagle has said laws related to money laundering should not be used as a means to fulfill political objectives. He said that it would be difficult for Nepal to come out of the grey list if it was misused.

Speaking at the meeting of the House of Representatives on Thursday, Minister Wagle said that the international level was closely monitoring the activities carried out by Nepal in the area of anti-money laundering.

“We can’t get out of the grey list if money laundering is misused for political ends,” he said. Therefore, it should not be taken forward as a political weapon. ’

Minister Wagle also clarified the confusion about the structure of the Department of Money Laundering. He said that the department is under the Ministry of Finance and not under the Commission for the Investigation of Abuse of Authority.

“The Department of Money Laundering is under the Ministry of Finance. Previously, it was under the Office of the Prime Minister and Council of Ministers. At that time, a bad culture of political harassment was created by collecting complaints on a large scale. Now we are trying to rectify it,” he said.

He also stressed the need of discussing on establishing a separate ‘Economic Crime Authority’ similar to the CIAA for investigation of economic crimes in the future.

“Discussions should be held on whether a separate investigation body can be formed to investigate economic crimes. But now that Nepal is in the grey list, the necessary legal system needs to be strengthened for the time being,” said Minister Wagle.