Assets (Money) Laundering Prevention Act, 2008

Regulation and Supervision of Reporting Institution: (1) Regulation and supervision of whether a reporting institution has conducted or not conducted its work operations in accordance with this Act shall be carried out by the regulatory body established pursuant to prevailing law.

(२) कुनै सूचक संस्थाको नियमनकारी निकायको सम्बन्धमा प्रचलित कानूनमा कुनै व्यवस्था रहेनछ भने त्यस्तो सू

(b) If any document, instrument, evidence, or instrument related to the offense of money laundering or financial investment in terrorist activities is found or if there are reasonable grounds to believe so, issue a notice as prescribed, conduct a search of any government agency, regulatory body, reporting entity, person, or any other place, seize and take control of such documents, instruments, evidence, or instruments related to the offense or property derived from the offense by providing a receipt to the concerned person or official,

(c) If a person accused of or involved in the offense of money laundering or financial investment in terrorist activities, or against whom there are reasonable grounds for suspicion thereof, is likely to abscond, destroy or conceal any evidence, or obstruct or adversely affect the investigation proceedings, arrest such person and detain them in custody in accordance with prevailing law,

(d) Obtain information, statements, or explanations from a person who has or is reasonably believed to have information regarding the offense of money laundering or financial investment in terrorist activities,

(e) When obtaining information, statements, or explanations pursuant to clause (d), if it appears necessary to obtain further information from such person, release them on a bond to appear when required or demand bail, and if bail is not provided, detain them in custody with the permission of the adjudicating officer,

(f) For the purpose of freezing or taking control of property derived from the offense or instruments related to the offense pursuant to Section 18, fully and effectively identify, trace, and evaluate such property or instruments,

(g) If it is deemed that any information may be available with a foreign financial intelligence unit, send a written request to the Financial Intelligence Unit, and

(h) Perform other prescribed functions.

(2) Any person who fails to comply with an order given during the course of an investigation into an offense related to money laundering or financial investment in terrorist activities may, based on the report of the investigation officer, be fined up to five hundred thousand rupees by the head of the investigating office as amended by the Act to Amend Some Acts Related to Prevention of Money Laundering and Promotion of Business Environment, 2024..

(3) Notwithstanding anything contained in subsection (2), if any person is found to have failed to comply with an order issued under Section 18 for freezing property or instruments with the intent to assist in the commission of an offense related to money laundering or financial investment in terrorist activities, there shall be no bar to investigating and prosecuting such person for the offense of money laundering or financial investment in terrorist activities.