Nepal Mandates Reporting of Large Casino Transactions
Nepal has implemented a new financial policy requiring casinos to report all transactions exceeding NPR 1 million ($7,400) per patron within 24 hours. The threshold is introduced as part of a broader effort to improve transparency and get off the global watchlist of high-risk jurisdictions for money laundering.
LISTEN TO THIS ARTICLE:Nepal was added to the Financial Action Task Force's (FATF) "grey list" in February, due to concerns over the government's inadequate monitoring of financial transactions, especially those tied to money laundering, corruption, and tax evasion. The country first appeared on the list in 2008 and stayed there for six years before being delisted in 2014.
Being on the list can raise red flags about a country's economic integrity, potentially discouraging foreign investment and tarnishing its global reputation, particularly when listed alongside other nations with similar issues like Yemen and Syria. This year, the Philippines, UAE and Gibraltar were removed from the FATF grey list.
To address these concerns, Nepal has developed a seven-point plan to strengthen its money laundering and counter-terrorist financing measures. These include improving risk understanding, strengthening supervision of high-risk sectors like banking and real estate, and boosting detection and sanctions for illicit activities. The country will also work towards supporting investigative agencies, increasing prosecutions, confiscating proceeds from financial crimes, and ensuring technical compliance with targeted sanctions against terrorism and biological weapons financing.
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Nepal has also implemented various corrective measures for financial institutions, businesses, and casinos.
With the new threshold, customers who exceed the NPR1 million daily spending limit in casinos will be subject to enhanced scrutiny and reporting requirements. Gaming establishments must report the customer's individual and combined transactions to Nepal's Financial Information Unit within 15 days through GoAML or specified alternatives.
Additionally, gaming halls are now required to operate 24-hour surveillance on all games and keep the footage for six months. Casinos must also use biometric identification systems at entrances, implement robust customer identification protocols, and adhere to all anti-money laundering regulations.
Furthermore, the paid-up capital requirement for gaming operators has been increased to NPR200 million ($1.48 million) from the previous NPR150 million.
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