DPM Shrestha Emphasizes Legal and Institutional Measures to Tackle Financial Crime

In a recent Crime Investigation Review Seminar at the National Police Academy in Maharajgunj, Deputy Prime Minister and Home Minister Narayan Kaji Shrestha underscored the imperative need for legal and institutional arrangements to curb financial crimes. He announced plans to develop technical expertise and capable human resources dedicated to investigating such offenses.

DPM Shrestha expressed concern over the burgeoning use of cryptocurrencies for transactions involving billions of rupees, deeming it illegal. He also highlighted a new trend in foreign currency transactions, particularly through the issuance of letters of credit (LC), which has raised economic challenges and was notably implicated in a recent gold scam.

Addressing the issue of cryptocurrency, Shrestha acknowledged the government’s realization of the lack of legal provisions for its investigation. He emphasized the importance of preparing skilled professionals to investigate crypto-related crimes and disclosed the government’s intentions to formulate laws controlling cooperative fraud, as cooperative-turned-financial institutions are increasingly deviating from their intended purpose.

DPM Shrestha announced the government’s commitment to taking action against cooperative owners engaged in financial crimes, with a focus on providing justice to victims. He emphasized the cooperative sector as the backbone of the economy and assured the formulation of laws to control fraud within cooperatives.

Attorney General Dr. Dinmani Pokharel echoed the sentiments, advocating for a specialized structure to investigate the growing cases of financial crime. He emphasized the need to strengthen investigation, prosecution, and justice based on scientific, objective, and reliable evidence.

Inspector General Basant Bahadur Kunwar informed the audience about the initiation of groundwork to establish a specialized bureau within Nepal Police dedicated to investigating financial crimes. He emphasized the seriousness of the police force towards crime investigation.

Deputy-Mayor of Kathmandu Metropolitan City, Sunita Dangol, stressed the importance of capacity building within Nepal Police to address challenges arising from digital crime. She announced plans for KMC to provide scholarship-based training to develop capable human resources related to cybersecurity.