The Banking Sector Reforms Recommendation Task Force has suggested that the central bank should play a stronger role to remove Nepal from the grey list. The task force has suggested that the central bank should be strengthened even further, even though it is still playing a role.

‘The fifth amendment to the Prevention of Money Laundering Act seeks to develop the Financial Intelligence Unit under this bank as a separate independent unit,’ the report says. ‘Accordingly, although the responsibility of Nepal Rastra Bank is generally somewhat outside of this, it should play a more powerful and special role to remove Nepal from the grey list.’

Similarly, since the main element of money laundering is related to payment, i.e. money, the report also mentions that the responsibility of Nepal Rastra Bank is very profound. ‘Therefore, the important tasks to be performed by the Rastra Bank should be to complete the corrective activities promptly to remove Nepal from the grey list,’ the report says. ‘Accordingly, Nepal Rastra Bank should be very active to complete the necessary tasks as per the time schedule to remove Nepal from the grey list within the next two years.’