Assets (Money) Laundering Prevention Act, 2008

Added by the Asset (Money) Laundering Prevention and Business Environment Promotion Related Some Acts Amendment Act, 2080.(p1) "Directive Committee" means the Directive Committee pursuant to Section 7ba.

(q) "Regulatory Body" means an institution established pursuant to the prevailing law to regulate or supervise reporting entities, and the said term shall also include the regulatory body specified by the Government of Nepal pursuant to sub-section (2) of Section 7na.

(r) "Currency" means Nepali currency or foreign currency.

(s) "National Bank" means the Nepal Rastra Bank established pursuant to the prevailing law.

(t) "Public Servant" means a person deemed to be a public servant pursuant to the prevailing law.

(u) "Beneficial Owner" means a natural person who ultimately owns or controls, can direct or influence, directly or indirectly, a customer, transaction, property, legal person or legal arrangement, or is the ultimate beneficiary or owner.

(v) "Financial Intelligence Unit" means the Financial Intelligence Unit pursuant to Section 9.

(w) "Financial Institution" means a person who professionally performs the following acts for or on behalf of its customer:

(1) Accepting deposits or receiving other funds from the public payable,

(2) Performing private banking activities,

(3) Granting any kind of loan,

(4) Performing financial leasing activities excluding consumer goods,

(5) Transferring currency or value (value transfer), except acting as an intermediary or other auxiliary service provider in the payment chain,

(6) Issuing or managing electronic or any other kind of payment instruments including cheques, drafts, money orders, debit cards, credit cards,

(7) Providing financial guarantees or commitments,

(8) Dealing in the following instruments:

(a) Money market instruments including cheques, bills, certificates of deposit, derivatives,
(b) Foreign exchange,
(c) Instruments based on exchange rates, interest rates or other similar values or amounts,
(d) Transferable securities, or
(e) Instruments related to commodities markets.

(9) Issuing securities or providing related financial services,

(10) Managing single or collective portfolios,

(11) Managing cash or liquid assets or managing safe deposit (locker) on behalf of other persons,

(12) Underwriting and placement of life insurance and other investment related to insurance,

(13) Exchanging money or currency,

Added by the Asset (Money) Laundering Prevention and Business Environment Promotion Related Some Acts Amendment Act, 2080.(13a) Investment company, equity fund or similar entity performing such activities for the purposes of Sections 7kha., 7gha., 7ta., 7dha. and 10ka.,

(14) Investing, administering and managing funds on behalf of other persons, except the acts mentioned in sub-clauses (1) to (13), or

(15) Performing acts specified by the Government of Nepal by publishing a notice in the Nepal Gazette.

(x) "Foreign Politically Exposed Person" means a foreign head of state, head of government, senior politician, central office bearer of a national level political party, senior administrator, senior judicial officer, senior security officer and senior official of a state-controlled institution or a person having or entrusted with such responsibility.

(y) "Department" means the Asset Laundering Investigation Department pursuant to Section 11.

(z) "Person" means a natural person or a legal person.

(aa) "Suspicious Transaction Report" means the report pursuant to Section 7gha.

(ab) "Shell Bank" means a financial institution or a group of financial institutions that does not have a physical presence in the country where it is incorporated or licensed, or is not within the scope of effective regulation and supervision.