KATHMANDU, April 9: The government has started preparations to remove Nepal from the Financial Action Task Force’s (FATF) grey list. On Tuesday, the Anti-Money Laundering Steering Committee finalized a time-bound action plan and decided to implement it without any delay.
Finance Minister Bishnu Paudel's secretariat confirmed that the committee will enforce the action plan within a defined timeframe. Minister Paudel emphasized the need to not only execute the plan effectively but also to adopt long-term strategies that will prevent Nepal from being placed on the grey list again.
Law Minister Ajay Kumar Chaurasiya asserted that Nepal has adequate legal provisions in place to exit the grey list. He urged all concerned agencies to work with strong determination and commitment.
FATF’s Grey List: A Wake-Up Call for Nepal
Attorney General Ramesh Badal highlighted the importance of institutional good governance as a prerequisite for Nepal's removal from the list. Chief Secretary Ek Narayan Aryal called for strong coordination among responsible bodies and emphasized the urgency of prioritizing implementation.
Acting Governor of Nepal Rastra Bank, Neelam Dhungana Timsina, stressed the need to start implementing the action plan in line from the outset instead of delaying it until the final hour.
Participants of the meeting urged authorities to focus on key areas such as risk assessment, inter-agency coordination, regulation and supervision, investigation and prosecution, and managing criminal assets. They also emphasized the need to enforce existing laws effectively.
The FATF placed Nepal on its grey list on February 21.