The Nepal Rastra Bank has unveiled tough monitoring and investigation tactics to enable Nepal to come out of the FATF grey list. The new policy consists of the improvement of agencies’ coordination and the automation of financial intelligence exchange. According to Nepal, it landed on the grey list because of the action against financial crimes such as corruption, tax evasion, and hundi. With a few reforms, there are significant gaps as mentioned by the FATF Asia Pacific Group, which was applied to the banking sector, remittance, and the economy of Nepal.
NRB prepares to remove Nepal from FATF Grey List
