KATHMANDU, July 24 (Xinhua) -- Participants at the 21th plenary of the Asia Pacific Group on Money Laundering (APG) on Tuesday called for making available advance technology to regulatory and supervisory authorities to track the illicit flow of money which could potentially be used by the terrorists.
Over 500 participants from over 50 countries and regions gathered in Kathmandu to discuss measures to tackle money laundering and terrorist financing, according to Nepal's Department of Money Laundering Investigation.
The APG is the inter-governmental anti-money laundering body and part of a global network of similar bodies such as Financial Action Task Force (FATF).
Speaking at the inaugural session on Tuesday, Nepal's Finance Minister Yubaraj Khatiwada said that real-time money transfers driven by new technology and multi-service institutions have made money laundering and potential use of such fund for criminal and illegal activities much easier than before.
He called for further "intelligent and high tech approach" by the regulatory institutions and the governments for tracking illicit financial transactions as it has been difficult to track such transactions due to digital money transfers, virtual mode of payments - also driven by crypto currencies.
"Equally important would be capacity development of informers or reporters, investigators, prosecutors, judges, and enforcement agencies to reduce the risks related to money laundering and terrorist financing," said the minister.
Head of delegates from the FATF Kristen Alma said that the FATF would take further action regarding virtual currency given their expansion and attractiveness as payment method.
"The FATF will also continue to work on financial and regulatory technologies to combat illicit financing and increase financial inclusion and potentially reduce regulatory and supervisory cost," she said.
The plenary that kicked off on July 21 will last til July 27, according to Nepal's Department of Money Laundering Investigation. Participants will also hold discussions on governance, mutual evaluation reports and policy matters, according to APG.