The Financial Action Task Force (FATF) has removed Nepal from its watch-list, indicating that the international body that creates standards for fighting financial crime is satisfied with efforts made by the country in combating money laundering and terror financing.
The decision was taken by the plenary meeting of the FATF held recently in the French capital of Paris, a statement issued by the Ministry of Finance today states.
Removal of Nepal’s name from the list would help country build its image as a financially disciplined country in international market. This will also help Nepali financial institutions to collaborate with international financial institutions, reduce various transaction costs and facilitate in attracting foreign investment and aid.
Nepal’s name was removed from the watch-list following introduction of five Acts related to anti-money laundering and combating the financing of terrorism.
Parliament had recently ratified the amended version of the Money Laundering Prevention Act, Proceeds of Crime (Confiscating, Seizing and Freezing) Act, Mutual Legal Assistance Act, Organised Crime Control Act and Extradition Act.
Also, recommendation made by an FATF mission that visited Nepal in December helped in removing the country’s name from the watch-list, says the statement.
During the two-day visit, the mission gauged Nepal’s progress in combating money laundering and terror financing and monitored compliance of FATF’s 40 recommendations and nine other special recommendations on terrorist financing.
Nepal has been strengthening its anti-money laundering regime via the National Coordination Committee formed under the finance secretary.
The high-level committee, formed to formulate various policies to comply with FATF recommendations, comprises various high-ranking officials, including deputy governor of Nepal Rastra Bank and secretaries of law ministry, home ministry and ministry of foreign affairs, among others.
source: the himalayan times, 29 june 2014
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The decision was taken by the plenary meeting of the FATF held recently in the French capital of Paris, a statement issued by the Ministry of Finance today states.
Removal of Nepal’s name from the list would help country build its image as a financially disciplined country in international market. This will also help Nepali financial institutions to collaborate with international financial institutions, reduce various transaction costs and facilitate in attracting foreign investment and aid.
Nepal’s name was removed from the watch-list following introduction of five Acts related to anti-money laundering and combating the financing of terrorism.
Parliament had recently ratified the amended version of the Money Laundering Prevention Act, Proceeds of Crime (Confiscating, Seizing and Freezing) Act, Mutual Legal Assistance Act, Organised Crime Control Act and Extradition Act.
Also, recommendation made by an FATF mission that visited Nepal in December helped in removing the country’s name from the watch-list, says the statement.
During the two-day visit, the mission gauged Nepal’s progress in combating money laundering and terror financing and monitored compliance of FATF’s 40 recommendations and nine other special recommendations on terrorist financing.
Nepal has been strengthening its anti-money laundering regime via the National Coordination Committee formed under the finance secretary.
The high-level committee, formed to formulate various policies to comply with FATF recommendations, comprises various high-ranking officials, including deputy governor of Nepal Rastra Bank and secretaries of law ministry, home ministry and ministry of foreign affairs, among others.
source: the himalayan times, 29 june 2014
LINK
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