Nepali Delegation, Led by NRB Governor, Aims to Prevent Grey Listing by Traveling to Canada

A 28-member team, headed by the governor, is set to travel to Canada in an effort to save Nepal from being placed on the "grey list" for money laundering. Sources indicate that the team will engage in discussions with the assessment team of the Financial Action Task Force (FATF) during their visit to Canada.

Governor Maha Prasad Adhikari of Nepal Rastra Bank (NRB) will lead the delegation, which includes 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 comprises various officials, such as a Joint Secretary from the Prime Minister's Office and the Ministry of Finance, the Deputy Attorney General of the Attorney General's Office, representatives from the Central Investigation Department, the Asset Clearance Department, and the Judgment Implementation Unit, as well as the Chairpersons of the Securities Boardof Nepal (SEBON) and the Nepal Insurance Authority. Representatives from the Nepal Police and the Ministry of Foreign Affairs are also included.

While most team members are scheduled to depart for Canada on Thursday, some will travel on Wednesday. A smaller team, including Governor Maha Prasad Adhikari, will reach Canada via the United States.

According to sources, discussions with the assessment group of the Financial Action Task Force (FATF) will take place in Vancouver, Canada from Ashad 24 to Ashad 29 (corresponding to July 9 to 14).

The Nepali delegation aims to brief the Asia Pacific Group (FATF) assessment team, which assesses the money laundering standards of countries including Nepal, about the current situation. Sources suggest that the smaller team, including the governor's office, is heading to Canada via the United States to seek the support of the United States in light of Nepal's high likelihood of being placed on the gray list. It is believed that this route was chosen to address the challenges Nepal faces, including pending legislation related to anti-money laundering and certain infrastructure projects.

The Financial Research Unit of Nepal Rastra Bank and the National Coordination Committee under the Prime Minister's Office have coordinated the entire visit.