Nepal has been placed back on the FATF grey list, primarily due to inadequate anti-money laundering measures. It has two years to address the issues or face blacklisting. Finance Minister Paudel expressed commitment to rectifying the situation, while concerns over potential economic impacts loom.
Nepal has been re-added to the FATF grey list, marking its second occurrence since previously being listed from 2008 to 2014. The decision was made during the FATF plenary session in Paris, held from February 17-21. As part of this classification, Nepal must rectify its financial conduct within two years or risk being blacklisted, facing enhanced international transaction restrictions and sanctions.
In conclusion, Nepal’s placement on the FATF grey list highlights significant deficiencies in its anti-money laundering efforts, with a particular emphasis on enforcement and structural reforms. Although Finance Minister Bishnu Paudel expressed confidence in Nepal’s ability to emerge from the grey list, there remain serious concerns regarding foreign investment and economic repercussions that could arise from this status. Immediate action and implementation of a comprehensive plan are critical for the country’s financial future.
Original Source: kathmandupost.com
