Kathmandu: Nepal has initiated groundwork to exit the Financial Action Task Force (FATF) grey list, with a key meeting of the Asset Laundering Prevention Directive Committee held on Monday to finalize and implement a national action plan.
The meeting decided to enforce a detailed plan outlining responsible agencies, specific activities, and deadlines to address shortcomings identified by the FATF.
Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel emphasized the need to follow the action plan diligently while also focusing on long-term reforms to prevent Nepal from being grey-listed again in the future.
Minister for Law, Justice, and Parliamentary Affairs Ajay Kumar Chaurasiya stated that legal provisions were not lacking, and with strong political will, Nepal could successfully come off the grey list.
Attorney General Ramesh Badal stressed the importance of institutional good governance, while Chief Secretary Ek Narayan Aryal called for coordinated efforts among all agencies and prioritization of key reforms.
Acting Governor of Nepal Rastra Bank, Neelam Dhungana Timilsina, highlighted the importance of early and systematic implementation rather than last-minute efforts.
Participants at the meeting pointed to the need for progress in risk assessment, inter-agency coordination, regulation and supervision, investigation and prosecution, and recovery of illicit assets. They agreed that effective implementation, rather than mere legal frameworks, would be critical to achieving the goal.