Nepal, July 2 -- The government is considering to establish a powerful new body to investigate and prosecute financial crimes, including money laundering.

Speaking during a session of the House of Representatives (HoR) on Thursday, Finance Minister Swarnim Wagle stressed the need for a specialized institution to oversee financial crime cases. "We believe that a discussion should be held on setting up an 'Economic Crimes Authority', similar to the powerful Commission for the Investigation of Abuse of Authority (CIAA), against overall economic crimes, not just limited to money laundering," Wagle said.

In recent weeks, the government has intensified crackdown on money laundering and financial offences. Just two weeks ago, Nepal's largest-...