Nepal FATF Grey List: Ministries Develop Action Plans
Finance, Home, Industry, and Other Key Ministries Assigned Specific Responsibilities
Kathmandu: In a major step to remove Nepal from the FATF grey list, key ministries will develop sector-specific action plans. This directive came during a high-level secretaries’ meeting on Monday. The goal is to strengthen compliance with international anti-money laundering and counter-terrorism financing standards.
The meeting approved the Detailed Corrective Action Plan 2082 to address existing shortcomings. The Ministry of Finance, Ministry of Home Affairs, Ministry of Industry, Commerce and Supplies, and the Ministry of Land Management, Cooperatives and Poverty Alleviation must draft and execute their action plans.
Monthly Reporting and Review Mechanism
All related ministries and institutions must coordinate and provide support for smooth implementation. Secretaries should inform their departments and subordinate agencies about the decisions and enforce compliance at every level.
Moreover, progress reports on the action plans will be submitted monthly to the Office of the Prime Minister and Council of Ministers. Officials will review them in subsequent secretaries’ meetings. This system ensures accountability and timely action toward FATF compliance.
Significance of Nepal’s FATF Grey List Exit
Exiting the FATF grey list is vital for Nepal’s international financial credibility. Analysts say these corrective measures will improve transparency in the banking sector, reduce risks of money laundering, and strengthen regulatory frameworks.
Furthermore, this move will facilitate foreign investments, boost trade confidence, and enhance Nepal’s standing in global financial institutions.
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