Nepal intensifies efforts to exit FATF grey list: Finance Minister
Minister Paudel stated that the government is taking necessary actions, including amending dozens of existing laws and implementing international recommendations, to facilitate Nepal’s exit from the grey list.
KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that the Government of Nepal is making intensive and coordinated efforts to remove the country from the Financial Action Task Force (FATF) grey list.
Responding to queries raised during Tuesday’s meeting of the House of Representatives, Minister Paudel stated that the government is taking necessary actions, including amending dozens of existing laws and implementing international recommendations, to facilitate Nepal’s exit from the grey list.
He informed the House that a law recently enacted to reform the legal framework for anti-money laundering and business environment promotion has amended 19 existing laws. To accelerate the process, new regulations related to money laundering have already come into effect.
Nepal is currently implementing the Financial Strategy and Action Plan for the Prevention of Money Laundering and Terrorist Financing (2081/82 to 2085/86 BS). Minister Paudel emphasized that an Action Plan 2082 has been rolled out under the direction of a high-level committee to ensure Nepal’s early removal from the grey list and prevent future listing.
Additionally, Nepal has submitted reports to the Asia Pacific Group (APG) using the updated re-rating format and has engaged the Financial Intelligence Unit (FIU) for necessary coordination and reporting.
To strengthen compliance, directives related to anti-money laundering and counter-terrorist financing have been issued and implemented for high-risk sectors such as:
- Dealers in precious metals and stones (2082 BS directive)
- Casino operators
- Real estate businesses
Minister Paudel also informed that multiple implementation mechanisms have been formed, including a Coordination and Monitoring Committee established by the Anti-Money Laundering Act. These bodies are actively working to ensure smooth and effective execution of Nepal’s national strategy.
He expressed confidence that with Nepal’s determined and organized efforts, the country will exit the FATF grey list even before the scheduled timeframe.
