Nepal's Path to Financial Integrity: Exiting the FATF Grey List

Nepal's finance minister emphasized the shared responsibility of stakeholders, including the government, to exit FATF's grey list. Aimed at transparency and good governance, proposed reforms target corruption and money laundering, fostering a better investment climate. An action plan and international collaboration are crucial for success by 2026.

Nepal's finance minister has called for a coordinated effort among all stakeholders to remove the country from the Financial Action Task Force's (FATF) grey list. Speaking on National Anti-Money Laundering Day, he emphasized the need for fiscal discipline and transparency, advocating for reforms that would support anti-corruption efforts.

The minister stressed that the drive for economic reform is not externally pressured but internally motivated to enhance governance and transparency for a stronger national economy. According to him, improvements in Nepal's financial system would boost foreign investment confidence. He aims for reform completion by 2026.

Collaborative efforts across sectors are seen as key to achieving this goal. Legal reforms, better agency cooperation, and international coordination play crucial roles. The government has put forth an action plan to be implemented within a year, seeking to remove Nepal from increased FATF scrutiny.

(With inputs from agencies.)