Nepal to finalize action plan to exit FATF grey list
The decision was made during a meeting of the Anti-Money Laundering Steering Committee held on Tuesday, as announced by the Ministry of Finance.
KATHMANDU : Nepal is set to finalize and implement an action plan to remove the country from the “Grey List” of the Financial Action Task Force (FATF).
The decision was made during a meeting of the Anti-Money Laundering Steering Committee held on Tuesday, as announced by the Ministry of Finance.
Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel emphasized the importance of long-term efforts to ensure that Nepal does not return to the grey list in the future while executing the action plan.
Minister for Law, Justice, and Parliamentary Affairs Ajay Kumar Chaurasiya stated that there is no lack of legal provisions to remove Nepal from the grey list, and with determination, the country can achieve this goal.
Attorney General Ramesh Badal highlighted the need for institutional governance across all sectors.
Chief Secretary Ek Narayan Aryal stressed the necessity of coordination among all bodies, prioritizing work in accordance with the action plan. He also pointed out the importance of using technology to help Nepal come out of the grey list.
The Deputy Governor of Nepal Rastra Bank, Nilam Dhungana Timilsina, emphasized that it is crucial to work according to the action plan from the outset rather than waiting until the last moment.
Participants in the meeting underlined the importance of addressing issues such as risk assessment, inter-agency coordination, regulation and supervision, investigation and prosecution, and asset recovery. They pointed out that the focus should be more on implementation rather than just legal provisions.
Nepal was placed on the FATF grey list on Feb21.
The action plan aims to address the deficiencies in combating money laundering and terrorist financing, bringing Nepal back into compliance with global standards.
