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FATF की ग्रे सूची में शामिल होने के बीच नेपाल ने नए AML सुधारों का ड्राफ्ट बनाया
टैग:
Nepal has started working on a comprehensive action plan to remove the country from the Financial Action Task Force’s (FATF) grey list after international scrutiny over shortcomings in its anti-money laundering and counter-terrorism financing efforts.
The announcement follows Nepal’s addition to the grey list alongside Laos during a FATF meeting in Paris. Nepal’s inclusion stemmed from concerns over its weak supervision of financial institutions and high-risk sectors such as casinos, real estate, and precious metal dealers.
Ministry starts work on new law
The Ministry of Finance confirmed that the government’s Anti-Money Laundering Prevention Directorate Committee is finalising a strategy to address these concerns within two years. The committee also aims to develop a long-term framework to ensure that Nepal does not return to the list in the future.
As per FATF, Nepal needs to exhibit that it understands the risks of money laundering and terrorist financing, improve its enforcement capabilities, and bolster the supervision of commercial banks and high-risk cooperatives. This entails enhancing coordination between authorities and carrying out and prosecuting additional investigations.
A recent mutual evaluation report by the Asia/Pacific Group on Money Laundering (APG) reiterated many of these points. It also emphasised the need for more substantial political commitment, more resources, and operational focus to combat financial crime effectively.
Casinos draw official attention
The report raised particular concerns about Nepal’s casino sector, especially venues operating near its southern border with India. Although border casinos were identified as high-risk hotspots, Nepal’s economy as a whole presents a comparatively low risk for laundering foreign proceeds.
Ten of the nation’s 28 casinos, including 15 mini-casinos, are situated in Kathmandu, the capital, while the remaining ones are close to India’s border. In Nepal, casinos are only allowed to serve foreign visitors and are not allowed to serve locals. The casino industry is estimated to generate NPR 9 billion (€59 million) in revenue annually, with the largest venue offering 101 table games.
Despite strict foreign exchange rules, only six operators currently hold the required licence from Nepal Rastra Bank (NRB), the country’s central bank. Of those, just two have ever submitted the mandatory monthly reports on foreign exchange transactions.
The APG criticised Nepal’s regulatory framework for being vague, stating that fit-and-proper requirements only apply to ‘operators’ — a term left undefined. It also noted that 19 new casino licences had been approved in the last five years without a single rejection, raising further concerns over regulatory neglect.
