Nepal Moves to Exit FATF Grey List: Ministries Tasked with Action Plans

Kathmandu: In a major step toward removing Nepal from the Financial Action Task Force (FATF)’s grey list, key ministries have been directed to develop sector-specific action plans. The decision was made during a high-level secretaries’ meeting held on Monday.

The meeting approved the implementation of the Detailed Corrective Action Plan 2082 to address shortcomings in combating money laundering and terror financing. The Ministry of Finance, Ministry of Home Affairs, Ministry of Industry, Commerce and Supplies, and the Ministry of Land Management, Cooperatives and Poverty Alleviation have been assigned the responsibility of drafting and executing their respective action plans.

Monthly Reporting and Review Mechanism Introduced

The secretaries’ meeting also instructed all other related ministries and institutions to provide necessary coordination and support.

Furthermore, all concerned secretaries are required to inform their respective departments and subordinate agencies about the decisions and ensure implementation at every level.

Progress reports on the action plans will be submitted monthly to the Office of the Prime Minister and Council of Ministers and will be reviewed in subsequent secretaries’ meetings.