Kathmandu, May 21: A joint delegation of the Asia/Pacific Group on Money Laundering (APG) and the Financial Action Task Force’s International Co-operation Review Group (ICRG) has urged Nepal to accelerate reforms and effectively implement its action plan to exit the FATF grey list.
The delegation, led by APG Deputy Executive Secretary David Shannon, held meetings with Foreign Minister Shisir Khanal and senior officials in Kathmandu during its support visit to Nepal from May 18 to 20.
During the meeting at the Ministry of Foreign Affairs, Foreign Minister Khanal expressed confidence that Nepal would strengthen national capacity and cooperation with the APG to leave the grey list at the earliest.
The APG-ICRG delegation also met Chief Commissioner of the Commission for the Investigation of Abuse of Authority (CIAA), Prem Kumar Rai, at the CIAA office in Tangal. Shannon stressed the need for Nepal to complete its national risk assessment, strengthen reforms in high-risk sectors and effectively implement the revised action plan to improve compliance with anti-money laundering and counter-terrorist financing standards.
He appreciated the CIAA’s role in investigating money laundering-related offences and pledged continued technical support to enhance the commission’s investigative capacity.
Chief Commissioner Rai informed the delegation about ongoing legal and policy reforms, improvements in investigation and prosecution, capacity development and stronger inter-agency coordination efforts. He also highlighted the need for a dedicated coordination mechanism under the Office of the Prime Minister and Council of Ministers to oversee Nepal’s efforts to exit the grey list.
Rai further stressed the importance of tighter regulation, stronger supervision and international mutual legal assistance agreements to recover assets linked to corruption and financial crimes. #Nepal
