Nepal will be removed from FATF gray list before two years: Finance Minister Paudel

KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel has said that efforts were underway to remove Nepal from the ‘gray list’ of Financial Action Task Force (FATF) before the stipulated two-year period.

Responding to questions raised by lawmakers on the Ordinance on Economic Procedures and Financial Responsibility (First Amendment), which has been presented for a decision in the House of Representatives on Wednesday, Paudel said the government was committed to complete the required tasks within the specified timeframe.

The FATF Plenary that concluded in Paris on February 21 included Nepal on the gray list, or jurisdictions under increased monitoring, after identifying deficiencies in its plans and policies to combat money laundering and terror financing.

Minister Paudel also insisted that the current government is not responsible for the FATF gray listing. “The country was not placed on the gray list because of this government. I will present a white paper in the House regarding this matter,” Paudel said.