Failing on money laundering

For the last 15 years, Nepal has faced the constant risk of slipping into the FTAF’s grey or black list.

A high-level delegation consisting of about two dozen government officials and headed by Nepal Rastra Bank Governor Maha Prasad Adhikari has returned from Canada after attending the Asia Pacific Group (APG) on Money Laundering Annual Meeting held in Vancouver from July 9-14. The APG on Money Laundering is a Financial Action Task Force (FATF)-style regional body. The 39-member FATF leads global action to tackle money laundering, terrorist and proliferation financing and sets international standards for national authorities to effectively follow illicit funds linked to drug trafficking, the illicit arms trade, corruption and cyber fraud. Nine regional bodies, including the APG, form a global network of institutions working in their geographical jurisdictions on anti-money laundering and counter-terrorist financing (AML/CFT). The Nepali delegation seems to have returned with a sense of respite after communicating Nepal's efforts on AML/CFT.