Nepal Avoids Grey List of Money Laundering after APG Meeting

Nepal has successfully avoided being placed on the 'grey list' for money laundering. During the 23rd annual meeting of the Asia Pacific Group (APG) under the Financial Action Task Force (FATF) held in Canada, it was decided not to immediately include Nepal on the grey list.

The APG has granted Nepal the opportunity to avoid the grey list by implementing all the provisions specified by October 2024. During this period, Nepal will need to fulfill the 'requirements' outlined by FATF.

A delegation of 28 members, led by Nepal Rastra Bank Governor Maha Prasad Adhikari, traveled to Canada to participate in the APG meeting aimed at preventing Nepal from being placed on the grey list. 

The delegation was composed of various officials, including Udayraj Sapkota, Secretary of the Prime Minister's Office; Dhanraj Gyawali, Secretary of the Ministry of Law; Dev Kumar Dhakal, Head of the Bank Supervision Department of Nepal Rastra Bank; and Deep Bahadur Rawal, Head of the Financial Investigation Unit.

Additionally, the team included a Joint Secretary from the Prime Minister's Office and the Ministry of Finance, the Deputy Attorney General from the Attorney General's Office, representatives from the Central Investigation Department, the Asset Clearance Department, and the Judgment Implementation Unit. The Chairpersons of the Securities Board of Nepal (SEBON) and the Nepal Insurance Authority were also part of the delegation. Representatives from the Nepal Police and the Ministry of Foreign Affairs were included as well.

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