chhatramani/Nepal-Legal-Text-Corpus-44laws huggingface dataset:
Money Laundering Prevention Act 2064

Chapter-6B Freezing of Property and Funds

Section 29H: Delisting or Defreezing the Properties and Funds
1) Any person, group or organisation designated in the list of sections 29E and 29F may submit an application to the Ministry of Foreign Affairs and Ministry of Home Affairs, respectively. Any
person, group or organisation affected by the freeing of properties or funds or on other matters due to the order under section 29G may submit an application to the Ministry of Foreign Affairs if the designation has been made pursuant to section 29E and the Ministry of Home Affairs if the designation has been made pursuant to section 29F.
2) If the concerned Ministry receives an application pursuant to the above, it shall make an inquiry. If the applicant is on the list of section 29E, the Ministry of Foreign Affairs shall submit it to the United Nations Organisation. If the applicant is on the list of section 29F, the Ministry of Home Affairs shall submit it to the concerned foreign country through the Ministry of Foreign Affairs.
3) The Ministry of Home Affairs shall inquire if it receives an application pursuant to sub-section (1) or (2)  from the person, group, or organisation designated upon its initiative under the list of 29F. It may delist such person, group, or organisation if it does not find any ground to keep the applicant under the list of section 29F and shall make a defreezing order for his frozen properties or funds.
4) If the petition pursuant to sub-section (1) or (2) is found to be related to the list of persons, groups or organisations who have financed the creation and expansion of terrorist acts or weapons of mass destruction published by the Government of Nepal itself in accordance with section 29F, the Ministry of Home Affairs shall, after conducting necessary investigations, remove the name of such person, group or organisation from such list or confiscate the property or funds held by it, if such person, group or organisation does not see the situation mentioned in sub-section (4) of section 29F or does not see that the petitioner should be included in the list pursuant to section 29F.
5) For the effective implementation of the decisions of the United Nations Security Council, the names of persons, groups or organisations involved in financing terrorist acts or the production and proliferation of weapons of mass destruction shall be included in the list, the names of terrorist persons, groups or organisations listed in accordance with Article 29F shall be included in the list or removed from the list, the property or funds withheld in accordance with Article 29G shall be confiscated, the legal rights of innocent persons (bonafide third parties) shall be properly protected, the minimum expenditure required for the maintenance of property and funds withheld shall be provided for in accordance with the provisions prescribed for the implementation of such decisions.
Money Laundering Prevention Act 2064

Chapter-6B Freezing of Property and Funds

Section 29I: Requests to Concerned Country
1) The Ministry of Home Affairs shall immediately send the list of persons, groups or organisations listed pursuant to section 29F through the Ministry of Foreign Affairs with a request to freeze
properties or funds of such person, group or organisation if it finds that their properties or funds may be located in another country.
2) According to sub-section (1), the Ministry of Home Affairs shall send the name of the person, group or organisation if it is delisted through the Ministry of Foreign Affairs in order to defreeze
property or funds that are frozen.

Money Laundering Prevention Act 2064

Chapter-6B Freezing of Property and Funds

Section 29J: Monitoring Arrangements
1) The National Coordination Committee shall carry out an overall monitoring and evaluation of the work carried out in accordance with this paragraph in relation to the non-effectiveness of the action.
2) The relevant ministry should regularly monitor whether or not the appropriate body has effectively carried out the work in accordance with this Chapter.
3) The relevant regulatory body shall regularly monitor whether or not the indicting institution has acted effectively in accordance with this paragraph.
4) Other arrangements regarding the follow-up of this section shall be as prescribed.

Money Laundering Prevention Act 2064

Chapter-6B Freezing of Property and Funds

Section 29K: Punishment for Violations
1) The Regulator may impose a sanction pursuant to section 7V if it finds that any reporting entity is not freezing the properties or funds pursuant to section 29G.
2) Departmental action shall be taken against responsible officials of the concerned agency who do not freeze property or funds pursuant to section 29G.
3) The Ministry of Home Affairs may fine up to one million rupees to a natural or legal person violating section 29G.
4) Notwithstanding whatever is written in sub-sections (1), (2) or (3), a case of
Terrorist Financing
may be initiated or filed against a natural person, legal person or responsible official of the concerned agency or reporting entity who does not freeze the properties or funds with an intention to support the commission of the offence of
Money Laundering
or
Terrorist Financing
, or to terrorist, terrorist group or organisation or terrorist acts.
5) The provisions under this Act for tracing properties and instrumentality, freezing, seizing, investigation and confiscation of the properties or funds of terrorists, terrorist groups or organisations and other related matters, s shall be applicable to offences under this chapter if so required.
Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 30A: Protect the Interest of Innocent Third Parties
1) The payment of compensation for loss or damage pursuant to section 34B or the revocation of a legal person or legal arrangement pursuant to sub-section (8) of section 30 or the revocation of a licence or permit of such person or arrangement shall, subject to the prevailing law, be made so as to secure the economic interest of the innocent third party.
2) If the license or permit of a legal person or management is revoked pursuant to sub-section (8) of section 30, further management of the property and liabilities of such legal person or management and the necessary work after the revocation shall be done in accordance with the prevailing law.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 31: Punishment to the Discloser of Confidentiality
Anyone who violates confidentiality pursuant to sub-section (2) of section 10B or section 26 shall be imprisoned for one month to three months or a fine up to one hundred thousand rupees or both.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 32: Punishment for Concealing or Destroying Evidences
Any person who commits the offence of concealing or destroying evidence related to acts deemed to be an offence under this Act shall be liable to imprisonment of one month to three months or a fine of fifty thousand rupees to one hundred thousand rupees in accordance with the gravity of the offence and the person assisting the commission of such act shall be liable to half of such punishment.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 33: Punishment for Obstruction
Suppose any person obstructs the proceedings of the investigation. In that case, the adjudicating officer may, on the basis of the investigation officer’s report, punish him/her with a maximum imprisonment of six months and/or a maximum fine of five thousand rupees.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 33A: Punishment for Making Trouble or Harassment
The Hearing Officer may fine up to ten thousand rupees on the basis of the investigation officer’s report to the person who makes a complaint unnecessarily or with the motive of troubling others.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 33B: Not to Investigate or Prosecute Maliciously
1
1) The investigating or prosecuting officer shall not investigate or prosecute in a defamatory manner to implicate, harm, surprise or protect an innocent person.
2) Whoever commits or causes to be committed an offence under sub-section (1) shall be punished with imprisonment for a term which may extend to six months and shall also be liable to departmental action in accordance with the law relating to his service conditions.
1 Amendment to the Prevention of Money Laundering and Promotion of Business Environment Act, 2080.
Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 34: Property Related With the Offence of Money Laundering (ML) or Terrorist Financing (TF) to be Confiscated
1) Any following property or instrumentality related to the offence shall be confiscated upon conviction on the offence of money laundering or terrorist financing, regardless of whoever entitles, owns, possesses or has any interest in:
(a) Property related with the offence of money laundering,
(b) Instrumentality used or intended to be used in the commission of the offence of money laundering,
(c) Property related with the offence of terrorist financing,
(d) Property used or intended to be used in the offence of terrorist financing, or property used or intended to be used or allocated for the use in a terrorist act or by (for the use of) individual terrorist, terrorist group or terrorist organisation,
(e) Instrumentality used or intended to be used in the offence of terrorist financing.
2) Property of corresponding value shall be confiscated if it is not possible to seize such property or instrumentality as stipulated in subsection (1) due to the disposal, concealment, use or consumption of such proceeds or instrumentality or by any other reason.
3) There should be proper protection of bona-fide third parties while confiscating the property or instrumentality pursuant to sub-sections (1) or (2).
4) Notwithstanding whatever written in sub-section (3), property or instrumentality and other property or value generated there from the bona fide third party not involved in the offence shall be confiscated if the following circumstances exist, for the purpose of  sub-section (3):
(a) If such property or instrumentality is not found to be related with the offence of money laundering or terrorist financing,
(b) If such property is not the proceeds of crimes or instrumentality related to the offence, or
(c) If such property or instrumentality is found to have been acquired before the commission of the offence of money laundering or terrorist financing and without knowledge that such property may be used in the offence.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 34A: Payment of Indemnification
According to this Act, if the fault harms someone, then the victim will have to be compensated by the culprit if the loss of the Indemnification.

Money Laundering Prevention Act 2064

Chapter-7 Punishments

Section 34B: Paid Compensation
If any person has suffered loss of life or property due to any offence under this Act, the person affected by the offence shall be compensated accordingly.
Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35: Assessment of Risk
1) The regulatory bodies, the investigating bodies, the indicting bodies, and the bodies concerned with this Act shall identify, assess and assess the risks, as required, in relation to financial investments in the creation and expansion of assets, terrorist acts or weapons of mass destruction, risky technologies, new dimensions of risks, persons committing such acts, their registration permits, operations, etc. at least once every year.
2) Before making the assessment pursuant to sub-section (1), the indicator institution shall prepare the method and material basis for the evaluation and submit it to the regulatory body.
3) The regulatory body can give necessary instructions if the indicator organisation’s risk assessment report does not appear to be objective and effective.
4) The body or institution, pursuant to sub-section (1), shall conduct a field risk assessment and send its report to the Coordinating Committee.
5) On the basis of the report received pursuant to subsection (4), the Coordinating Committee shall prepare a national and regional risk assessment report.
6) The body or institution, pursuant to sub-section (1), shall prepare and implement a risk-based annual action plan on the basis of the risk assessment report prepared in accordance with this section.
7) Other arrangements regarding risk assessment will be as prescribed.
Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35A: Details of Beneficial Owners
1) When any person invests capital by way of shares or in any other manner and establishes, registers or licenses any company, co-operative society, a private firm, partnership firm or any other kind of legal person, if he invests fifteen percent or more of the shares or capital in such company, co-operative society, private firm, partnership firm directly or indirectly or in the name or through the name of any other person, singly, jointly or collectively or in any other way as its actual owner, then the details of such actual owner shall be submitted to the legal person establishing, registering or licensing body.
2) Until the submission of the particulars pursuant to sub-section (1), the concerned body shall not take action to register, register or grant a licence to such legal person.
3) A company, co-operative society, private firm, partnership firm or a legal person established by way of investment in any form of shares or in any other manner, registered or licensed under sub-section (1) of the Act, shall not be entitled to issue shares or other financial instruments relating thereto.
However, suppose the foreign legal person issues the holder or other financial instruments related to it according to the law of his country. In that case, the information will have to be given to the relevant registering body. If such a legal person has a regulatory body, then such information will also have to be given to that body.
4) A person who does not give details pursuant to this section or does not provide false information about the actual wealth or gives false information about the person whose capital has been seized by the regulatory body or the registering body if there is no such body, the actual wealth of the person shall be fined from ten lakh rupees to fifty lakh rupees and the information of the same shall be given to the Financial Information Unit and the concerned body investigating or enforcing the law.
5) The particulars pursuant to sub-sections (1) and (2) shall be kept by the concerned company, co-operative society, private firm, partnership firm, or legal person to be established by way of investment by way of shares or in any other manner, for five years from the date of expiry of the status of a person as a real rich person, to be updated regularly and made available to the Government or an indicative institution on demand and as may be prescribed in the case of others.
6) The registering body and the regulatory body shall keep records of the actual wealth of such legal person for at least five years from the date of dismissal of such legal person.
7) A company, co-operative society, private firm, partnership firm or a legal person established by investing capital in any form of share investment or in any other way existing at the time of commencement of this section shall, within one year from the date of commencement of this section, submit a statement of the actual wealth of such legal person to the registering body or licensing body.
Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35B: Details of Those Who Control or Receive Financial Benefits
1) The operating domestic or foreign person shall keep up-to-date the details of the natural persons who control such legal arrangement, the persons or classes of persons who derive high economic benefits from such legal arrangement, or the persons who provide financial, accounting, tax or investment management and agency related services to such legal arrangement, and shall also forward such details to the relevant regulatory body, if any, in a consolidated form.
2) The natural person who has carried out the legal management pursuant to sub-section (1) or who has actual control over such legal management shall also disclose the details regarding becoming a client in the referring institution.
3) If the details change pursuant to this section, the legal person shall immediately inform the relevant regulatory body.
4) The regulatory body can impose a fine of up to one lakh rupees on the legal management or any person who does not provide details according to this section, gives false information, or does not provide information to the indicting institution.
5) The legal system in operation at the time of commencement of this section shall submit the details pursuant to this section to the regulatory body within one year from the date of commencement of this section.
6) The record pursuant to sub-section (1) shall be preserved for at least five years from the date on which such person ceases to be a member of the legal management.

Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35C: Keep the Details
1) Notwithstanding anything contained in any other law for the time being in force, the legal person, pursuant to section 35A, shall make publicly available the details of his name, address, registration and licence, legal form and status, jurisdiction, laws relating to regulation and the identity of the office bearers of the body, board of directors or other such committee.
2) If there is a person in the legal person as a really rich person according to section 35A, then such a legal person will also have to disclose the details of such a really rich person if he becomes a client of the indicting organisation.
3) A legal person who does not update and make public the details pursuant to sub-section (1) or does not disclose the details of actual wealth pursuant to sub-section (2) may be fined from Rs.5 lakh to Rs.50 lakh by the regulating body and in the absence of such body by the registering body.
Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35D: Non-Profit Organisation or Regulatory Body
1) The body that registers, binds or regulates a non-profit organisation in accordance with the prevailing law shall act in accordance with the following in relation to the prevention of financial investment in the purification of property or the creation and expansion of terrorist acts or weapons of mass destruction:
(a) To make necessary arrangements so that the property of the non-profit organisation may not be used in the purge or terrorist acts or the manufacture and proliferation of weapons of mass destruction or any other act contrary to this Act,
(b) to provide the Financial Information Unit with suspicious information regarding financial investments in the creation and expansion of weapons of mass destruction or terrorist acts,
(c) To make the functioning of a non-profit organisation transparent and credible by establishing or enforcing the necessary criteria to identify the persons or groups benefiting from such organisations;
(d) To assess and manage sectoral and institutional risks;
(e) To carry out or cause to be evaluated the effectiveness in accordance with this Act in order to assess the costs incurred by the relevant institution on the basis of the risk of action in relation to the financial investment in asset laundering and terrorist acts,
(f) To supervise, monitor or monitor on the basis of risk.
2) In accordance with the prevailing law, the regulatory body of the non-profit organisation may give necessary instructions to the concerned non-profit organisation regarding the activities pursuant to sub-section (1).
3) It shall be the duty of the institution concerned to comply with the directions given pursuant to sub-section (2).
4) A non-profit organisation that does not comply with the instructions given by the binding body in accordance with sub-section (2) shall be sent in writing to the regulatory body of such organisation to take action, and if not, to the registering body of such organisation.
5) A non-profit organisation that does not comply with the instructions given pursuant to sub-section (2) may be fined up to five lakh rupees for the first time by the regulating body of such organisation and, in case of failure, up to ten lakh rupees may be fined by the registering body of such organisation.
Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35E: Submission of Report
1) Banks and financial institutions, insurance, casinos, institutions dealing in securities, institutions dealing in commercial real estate, co-operative institutions dealing with the main business of savings and loans or the indicative institutions established by the Government of Nepal by publishing a notice in the Nepal Gazette to ensure the suitability and effectiveness of the work to be carried out in accordance with this Act. The auditor shall submit a compliance report to the regulatory body every year after conducting an inspection on the subject as follows:
(a) The necessary policy, institutional, technical and control structures and their suitability,
(b) Risk assessment in accordance with the institutional scope, the establishment of a risk-based system and its effectiveness,
(c) Implementation of the annual plan of action, reporting system and monitoring,
(d) Identification and correction of weaknesses in risk assessment, policy, institutional, technical, control, implementation structure and effectiveness,
(e) Relating to other matters as may be determined by the regulatory body.
2) The audit pursuant to sub-section (1) shall be completed within six months of the end of the financial year and report thereon.
3) If the regulatory body is not satisfied with the report pursuant to sub-section (2) or finds it necessary to conduct a detailed inspection of any indicator institution, the concerned indicator institution may, at any time, inspect or cause to be inspected any indicator institution to bear the expenses.

Money Laundering Prevention Act 2064

Chapter-8 Miscellaneous

Section 35F: List of Maintenance
1) According to section 35E, a person who wants to work as a maintenance examiner should apply to the Financial Information Unit for listing by attaching the prescribed details and documents.
2) On the application received pursuant to sub-section (1), the Financial Information Unit shall, after carrying out the necessary checks, list and inform the applicant if the application is found to be eligible to act as a maintenance examiner in accordance with section 35G.
3) If the person making the application pursuant to sub-section (1) is unable to be listed, the grounds and reasons therefor shall be disclosed to the applicant.
4) A person who is listed as a maintenance examiner pursuant to sub-section (2) shall not be eligible to act as a maintenance examiner if the qualifications pursuant to section 35G are not maintained. In such a case, the Financial Information Unit shall remove his name from the list.