En g./ltep.

Translation

Government of NePal

of Land Management, cooperatives and Poverty Alleviation

Ministry
and Achieves
Department of Land Management

Letter No. 2078/079 Dispatch

No' 2327

Issued date: June 7,2022

Assessment Report of the

Government of Nepal on
Whereas, the National Risk
and combating Financing of Terrorist Activities has
Assets (Money) Laundering
as a risky sector from the
view point of money
pointed out the real estate sector
is
mutual evaluation of Nepal related to this system
laundering and intemational
going on;
pursuance of Sub-
by virtue of a decision of the Govemment of Nepal in
whereas,
and Achieves has
(2) of section 7T., the Department of Land Management
Section
body under the Money Laundering Prevention Act'
o..n specified as the regulatory
(2) of clause (n)
of real estate agents pursuant to Sub-clause
200g for the activities
of Section 2 of same Act;
bY Sub-
has' having exercised the power confened
Therefore, the Department
7U' of Money Laundering Act' 2008, issued the following
Section (2) of Section

Directives to real estate agents:-

GOVERNMENT OF NEPAL
M|N|STRY Ot LAW JUSITCE
AND PARIIAMENIARY AFfAIRS
IAW BOOKS MANAGEMENI BOARD
DEVI REGMI
PRODUCNON OFFICiR
l. Reporting entify meansa firm, oompany, entity with an objective of buying

and sellin greal estateor real estate agents personally in professional way as

mentioned in Sub-clause (2) of clause (n) of Section 2 of the Money

Laundering Prevention Act, 2008. At present, thesedirectives areconfined to
cases of those who purchase and sell any house land of amount of Rupeesten
million or more as the Money Laundering Prevention Act, 2008 has

prioritized to adopt risk-based system.

2. According to theseDirectives, real estate agents carrying out business of real

estateshall promptly submit its details in compliance with the provisions of

the Money Laundering Prevention Act, 2008 in the prescribed format to the
respective Land Revenue Office and details of border and suspicious
transactions to the Financial Information Unit at the Nepal Rastra Bank in
the specified format, by the specified means and timeline.
3. The Department or authority prescribed by the Department shall regulate
and supervise and monitor purchase and sale of real estates on risk basis
from time to time according to the Money Laundering Prevention Act, 2008.
4. The Department may, in accordance to Section 7V of the Money Laundering
prevention Act, 2008, and other body ffidy, in accordance with the existing

law, take action against the real estate agent buyingand selling real estate
who does not conduct activities according to the Money Laundering

Prevention Act, 2008.

5. The Department will gradually make other provisions in this regardin
accordance with law.

sd.
Pitamber Ghimire
GOVERNMENI OF NEPAI
MINISIRY OF TAW, JUSTICE Director General
AND PARTIAMENIARY AFFAIRS
I.AW EOOKS MANAGEMENI
EOARD
DEI4 REGI\4I
PRODUCNON OFFICER