Suspicious Transactions Surge by 49%, Financial Information Unit Releases 2024 Report

The Financial Information Unit of Nepal Rastra Bank has reported a 49% increase in suspicious transactions and activities in 2024, according to its recently published 2024 activity newsletter.

Under the Asset Laundering Prevention Act, 2064, the number of suspicious transaction and activity reports submitted by reporting entities to the unit rose from 6,255 in 2023 to 9,304 in 2024, marking a 49% growth. Of these, 1,894 reports were analyzed, with 1,086 forwarded for further investigation to law enforcement/investigative bodies and regulatory actions to regulatory authorities. The remaining 808 reports have been archived for re-analysis if additional information becomes available in the future.

Reporting entities submitted details of 1.783 million threshold transactions in 2023, which increased to 1.972 million in 2024. The number of entities connected to the unit’s goAML system for reporting and correspondence on asset laundering prevention and terrorist financing rose from 1,496 at the end of 2023 to 1,905 by the end of 2024.

The unit highlighted its efforts in 2024 to enhance the capacity of its staff, affiliated bodies, and reporting entities through various activities. It also detailed national and international coordination efforts related to preventing asset laundering and terrorist financing. The newsletter includes two articles authored by the Asset Laundering Investigation Department and the Financial Information Unit.

Additionally, the unit has included details of reports published, guidelines issued, useful content on its website, and links to significant national and international publications from 2024. This is expected to strengthen efforts against money laundering in the country.