KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Paudel has stated that the government is making coordinated and intensive efforts to remove Nepal from the Financial Action Task Force (FATF) grey list ahead of the scheduled timeline.
Responding to queries raised by lawmakers during Tuesday’s meeting of the House of Representatives, Minister Paudel expressed confidence that Nepal’s dedicated actions would lead to an early exit from the grey list.
“Due to Nepal’s organized and intensified efforts, the country will be removed from the grey list ahead of schedule,” he said.
He said the legal frameworks and action plans related to anti-money laundering have not just been drafted to sit in drawers, but are intended for meaningful implementation and tangible results. He added that the Money Laundering Prevention and Business Environment Promotion Bill, 2023, which amends 19 existing laws, has been enacted to support this goal.
Paudel informed the House that the Money Laundering Prevention Regulations, 2081 have already come into effect, and that the National Strategy and Action Plan on Asset Laundering and Financing of Terrorist Activities is also being implemented.
In order to ensure swift removal from the grey list and prevent future recurrence, he said the Directive Committee has endorsed and initiated implementation of the Grey List Exit Action Plan 2082. He also mentioned that Nepal has submitted a progress report in the re-rating format received from the Asia/Pacific Group on Money Laundering (APG), through the Financial Intelligence Unit (FIU).
Minister Paudel also outlined sector-specific directives that are currently in effect. These include the 2082 directives for precious metals and high-value goods dealers, casino operators and real estate businesses.
All of these sectors are classified as reporting entities under Nepal’s anti-money laundering framework.
Additionally, Paudel informed the Parliament that, apart from the Directive and Coordination Committees mandated by law, the government has formed four implementation coordination mechanisms for the 2024/25 to 2028/29 strategic period.
These bodies are responsible for coordination, facilitation, monitoring, and providing guidance to ensure effective implementation of anti-money laundering measures.
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