Immediate Asset Seizure Key to Exiting FATF Grey List: Finance Minister Khanal

Finance Minister Rameshwar Khanal has said that assets of individuals involved in money laundering crimes must be immediately confiscated. Speaking at a program organized by the Department of Money Laundering Investigation, he noted that Nepal’s progress on controlling money laundering remains weak, making it difficult to exit the FATF grey list.

He said international bodies FATF and APG are dissatisfied with Nepal’s efforts, as investigative and prosecutorial agencies have failed to present strong evidence so far. Khanal stressed that confiscating and selling assets linked to money laundering and related financial crimes, and presenting such evidence to the international community, could help Nepal get off the grey list. He clarified that innocent people should not be implicated.

Industry Minister Anil Sinha said exiting the grey list is the responsibility of all state agencies, not just one, and called for coordinated action and improved work performance. Nepal Rastra Bank Deputy Governor Bam Bahadur Mishra warned that the banking sector faces high money-laundering risks and said the third National Risk Assessment has begun and will be completed on time.