Nepal still on 'grey list', further reforms required for its removal from the list: FATF

Kathmandu / Nepal continues to remain on the monitoring list, or 'grey list', of the Financial Action Task Force (FATF) which has pointed out the need for further improvements despite ongoing reform efforts to remove Nepal from the list. The international anti-money laundering and terrorist financing watchdog on June 19 this year decided to continue keeping Nepal in grey-list. Although Nepal has taken some steps toward strengthening its anti-money laundering and counter-terrorist financing framework, the progresses are inadequate to meet international standards, said the FATF.

The FATF has advised Nepal to continue implementing its FATF action plan to address its strategic deficiencies and improve understanding of major risks related to money laundering and terrorist financing. The inter-governmental body has also stressed the need for strategic reforms and stronger implementation mechanisms.