FATF may put Nepal on the ‘grey list’ !

Kathmandu (Nepal) – Nepal is at risk of being put on the ‘grey list’ by the ‘Financial Action Task Force’ (FATF) as there are deficiencies in both its legislation and enforcement of laws relating to money laundering and terror financing. Nepal had been put on the ‘grey list’ earlier between the years 2008 to 2014. Nepal was removed from the ‘grey list’ because of the efforts made by them. Some years ago, Pakistan was also put on the ‘grey list’. There are no foreign investments in the countries that are on the ‘grey list’ and it is difficult for them to get International Loans.

(Credit : ANI News)

1. Recently a team from the organisation ‘Asia Pacific Group on Money Laundering’ was on a tour of Nepal. This team had come to inspect if Nepal is following the rule of the FATF. On seeing the current condition of Nepal FATF will definitely list it in the ‘grey list’, if not the black.

2. Former Prime Minister Sher Bahadur Deuba’s Government had taken a decision to make changes in the Laws about economic irregularities. They also were preparing to make an ordinance about it. But President Vidya Devi Bhandari did not permit it. The Government Officers said, if the ordinance had gotten the consent of the President before 16th December 2022, the danger of Nepal being put into the ‘grey list’ would have been avoided.

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