Finance Minister Khanal says everyone should work together to get Nepal out of the grey list within the next year
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Finance Minister Rameshwor Khanal has directed to work towards getting out of the 'grey list' within the next one year. He stressed that all sectors and bodies should work responsibly to get out of the 'grey list' as soon as possible.
On the occasion of the National Anti-Money Laundering Day, 2082, organized today with the main slogan 'Prevention of Money Laundering: Transparency and Financial Governance', Finance Minister Khanal said that everyone should work hard to complete all the necessary reforms before the stipulated time and remove Nepal from the grey list within the next one year.
The Financial Action Task Force (FATF), an international forum that monitors financial transactions, has placed Nepal on the 'grey list' of countries that launder money. One year has passed since the FATF gave Nepal two years to take effective steps against money laundering and get out of the 'grey list'. Therefore, Finance Minister Khanal said that all sectors and agencies should work responsibly to remove Nepal from the 'grey list' as soon as possible in the remaining one year.
‘The international community is not putting any pressure or coercion on Nepal to implement these reforms, but this process has been taken forward with the aim of making its own institutions corruption-free, transparent and well-governed and strengthening the economy,’ he said. ‘The reform efforts underway to prevent money laundering do not create additional financial liabilities or unnecessary costs.’
Stating that one of the reasons for foreign investment not coming in as expected is weak confidence in the financial system, Finance Minister Khanal said that the investment environment should be improved through reforms.
He also recalled that the FATF and the Asia Pacific Group had suggested various issues to be improved by January 2027. Finance Minister Khanal pointed out that some improvements have been made in the last one year and the need to complete all the remaining reforms within the next one year. He expressed the expectation that all the reforms would be completed by the end of 2026. Emphasizing the need to make the investigation, prosecution and action process effective in cases related to money laundering, Finance Minister Khanal said that a strong case with evidence should be prepared and arrangements should be made to immediately seize assets.
