Nepal Finance Minister Confident of Exiting FATF Grey List Ahead of Deadline

Nepal’s Finance Minister said the country will exit the FATF grey list before the two-year deadline, attributed the status to previous governance, and highlighted the current government’s commitment to reforming its financial sector. The Minister is expected to present further details and aims for compliance ahead of schedule.

Nepal’s Finance Minister, Bishnu Paudel, expressed confidence that the country would exit the Financial Action Task Force (FATF) grey list for money laundering and terrorist financing before the two-year deadline. During a recent parliamentary session, he attributed Nepal’s grey list status to the actions of the previous government, emphasizing the current administration’s commitment to rectifying the situation.

In summary, Finance Minister Bishnu Paudel affirmed that Nepal aims to remove itself from the FATF grey list by implementing necessary reforms and measures against money laundering and terrorist financing. The government has until October 2024 to fulfill the FATF’s requirements. Despite the challenges, the Minister expressed optimism about achieving compliance sooner than the deadline, with strict management of illegally acquired assets ongoing.

Original Source: thenewsmill.com