Kathmandu, Apr. 8
The
government has initiated preparations to get Nepal off the ‘grey list’ of the
Financial Action Task Force (FATF).
The
meeting of the Asset Recovery and Prevention Committee held at the Singha
Durbar on Tuesday decided to finalise the action plan to remove Nepal from the
grey list, and implement it.
The
action plan will be implemented with clear responsibilities, activities, and
timelines for completion, the Ministry of Finance informed in a statement.
Deputy
Prime Minister and Finance Minister Bishnu Prasad Paudel said that while
working according to the action plan to remove Nepal from the grey list, it is
necessary to focus on long-term efforts to ensure that Nepal does not fall back
into the grey list in the future.
Minister
for Law, Justice, and Parliamentary Affairs, Ajay Kumar Chaurasiya, assured
that there is no legal shortcoming in removing Nepal from the grey list. He said
that if there is the political will, it is possible to achieve the set goal.
Attorney
General Ramesh Badal emphasised the importance of institutional governance
across all bodies to improve the country’s image.
Chief
Secretary Ek Narayan Aryal highlighted the need for coordination between all
entities and prioritising tasks. He mentioned that it would be possible for
Nepal to be removed from the grey list by incorporating technology into the
action plan.
Likewise,
Nepal Rastra Bank's acting Governor, Neelam Dhungana Timsina, said that it is
essential to start work from the outset in line with the action plan, rather
than leaving it to the last minute.
Participants
in the meeting noted the necessity of working in areas such as risk assessment,
inter-agency coordination, regulation and supervision, investigation and
prosecution, and criminal assets. They stressed the need to focus on
implementation rather than just the legal framework.
Nepal was placed on the FATF grey list in February this
year.
Published in The Rising Nepal daily on 9 April 2025.
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