Report reveals Nepali banks, companies’ involvement in deceiving US sanctions on trade

Kathmandu: Some banks and companies in Nepal are allegedly involved in transferring money obtained suspiciously from oversees, an investigation made by the Center for Investigative Journalism (CIJ), Nepal along with the International Consortium of Investigative Journalists (ICIJ) and BuzzFeed has revealed.
The investigative report released on Sunday shows the involvement of Nepali companies and banks attempting to deceive US sanctions on trade especially on Iran and China. Based on a top-secret document prepared by ‘Financial Crimes Enforcement Network’, a government body that monitors financial transactions system in the US, the collective investigation report has been named ‘FinCEN Files’. According to ‘FinCEN Files’, between December 2006 and March 2017, 9 banks, 10 companies and various individuals in Nepal were found to have transacted (sent/received) suspicious funds in the name of cross-border trade.
“This shows that some Nepali business entities are linked to the international smuggling of gold, antiquities, bitumen, and telecommunication equipment. Standard Chartered Bank, Prime Commercial Bank, Bank of Kathmandu, Nepal Investment Bank, Everest Bank, Mega Bank, Himalayan Bank, Apex Development Bank of Kaski, and Nepal Bangladesh Bank are mentioned in the list of banks that are involved in transferring money suspicious,” the 25 paged report based on covering Nepal stated. (ANI)