CIAA To Monitor Banks And Financial Institutions

June 13, 2020 | Investopaper

Until now, only Nepal Rastra Bank has been monitoring banks and financial institutions. But now another body of the government, the Commission for Investigation of Abuse of Authority (CIAA), will also monitor the BFIs .

Stating that corruption has been on the rise in banks, financial institutions and medical colleges in the country recently, the Prime Minister’s Office and the Office of the Council of Ministers have submitted a bill to the National Assembly for discussion.

It is said that the process of amending the law has been taken forward to bring the private sector, especially banks, financial institutions, educational institutions, medical colleges and their affiliated hospitals under the purview of the CIAA.

The bill to amend the Commission for Investigation of Abuse of Authority Act 2048 BS is currently under discussion in the National Assembly. After the passage of the bill, the government of Nepal, state government, local level owned commissions, committees, authorities, establishments, institutions, corporations, boards, centers and other organizations will be under the supervision of the authority.

Similarly, the provision has been made to file a case of corruption even after the death of a person holding a public office earlier. After the amendment of the this article, if a person holding a public office commits corruption, the case will have to be filed within five years. If he has committed corruption while holding public office, the action should be taken within five years from the date of retirement.

However, this condition will not apply to a person who has committed corruption by embezzling government, community and public property. According to sub-section 2 of the Commission for Investigation of Abuse of Authority Act 2048, if the property under the control of the Government of Nepal, the state government and the local level is misappropriated, the provision that the case can be prosecuted even after his death will be continued.

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