Kathmandu, 20 August (H.S.): Nepali Congress lawmaker Arjun Narsingha KC has proposed the formation of a special task force to trace and investigate money allegedly held in foreign banks by high-ranking Nepali citizens. He urged the government to take effective measures to examine the overseas assets of Nepali citizens, particularly senior officials, and investigate the possibility of illicit wealth being held abroad.

Speaking during Thursday's session of the House of Representatives, KC proposed establishing a dedicated task force to investigate assets and financial holdings of high-ranking individuals across the world.

Citing Bangladesh as an example, KC said that following a change of government there, the authorities had initiated investigations into the overseas assets of senior officials and had written to banks in various countries seeking relevant information.

KC said Nepal should consider adopting a similar approach. He questioned whether the Commission for Investigation of Abuse of Authority (CIAA), in coordination with Nepal Rastra Bank, could establish a specialised commission or mechanism to investigate corruption involving financial transactions and assets held outside the country.

“Perhaps there will not be enough courage for this, but I have certainly proposed that it should be investigated,” KC said.

He also urged the government to pay greater attention to corruption taking place beyond Nepal's borders. According to KC, a significant portion of illicit financial activity is currently taking place overseas, making it important to closely examine transaction records and identity-related information.

“I do not want to get into who is involved at this stage, but reports of money being held in Singapore, Cambodia, Swiss banks and other parts of the world are emerging,” he said.

KC's proposal comes amid growing calls for stronger mechanisms to trace suspected illicit wealth transferred abroad and improve coordination between Nepal's financial and investigative authorities.

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Hindusthan Samachar / Jun Sarkar