DPM Shrestha stresses on legal, institutional arrangements to curb financial crime

KATHMANDU: Deputy Prime Minister and Home Minister Narayan Kaji Shrestha has pointed out the need of making legal and institutional arrangements to curb financial crime.

Addressing the Crime Investigation Review Seminar organised at National Police Academy, Maharajgunj, today, DPM Shrestha mentioned that necessary legal and institutional arrangements would be made as well as technical and capable human resources developed for the investigation of financial crimes.

“Information has been received that dealing of billions of rupees is being done through crypto. The government has considered it illegal. Transaction of foreign currencies is being done in a new way. A new trend to open letter of credit (LC) has been seen,” he shared, adding it has created problem in the economy and use of crypto was also seen in recent gold scam.

Underscoring the need to prepare capable human resources to investigate the crypto currency, the Home Minister said the government has realized the lack of legal provisions for the same.

Cases of financial crime and cheating are increasing in the society after cooperative turned into financial institutions being deviated from its main purpose, explained Home Minister Shrestha. He further said the government has made preparations to formulate laws to control cooperative fraud.

The Deputy Prime Minister informed that a process to take action against cooperative owners involved in financial crime and cheating and to give justice to cooperative victims, adding “The government to give justice to cooperative victims and cooperative will be forwarded as backbone of economy.”

Similarly, Attorney General Dr Dinmani Pokharel said a specialized structure should be made to investigate the financial crime at a time when cases of financial crime are increasing in recent period.

He laid emphasis on the need of strengthening investigation, prosecution and justice based on the scientific, objective and reliable evidences.

Likewise, Inspector general Basanta Bahadur Kunwar shared that police have started homework to establish a specialized bureau to investigate financial crime, adding Nepal Police was serious towards crime investigation.

Deputy-Mayor of Kathmandu Metropolitan City, Sunita Dangol, stressed the need of capacity building of Nepal Police to face challenges created by digital crime.

She shared that the KMC is going to impart training on scholarship thinking that capable human resources related to cyber security should be developed.