Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel assured the Nepalese Parliament on Wednesday that the government is committed to removing Nepal from the Financial Action Task Force (FATF) grey list ahead of the two-year timeline. Speaking during a session addressing queries on the Economic Procedure and Fiscal Responsibility (First Amendment) Ordinance, Paudel outlined the government’s resolve to tackle the country’s status under intensive monitoring.
“We are currently in what we call the grey list, under strict observation,” Paudel told lawmakers. “But the government is fully dedicated to completing the required tasks within the set timeframe to exit this list.” He emphasized an ambitious goal, stating, “We have two years, but we will bring Nepal out of the grey list even earlier than that.”
Paudel deflected responsibility for Nepal’s grey list status, suggesting it stemmed from actions predating the current administration. “It wasn’t this government that put us on the grey list—it was someone else. I will present a white paper to this House to clarify who is accountable,” he said, hinting at a forthcoming detailed explanation.
The Finance Minister underscored the government’s proactive stance. “We are taking serious initiatives to ensure the country’s comeback from the grey list,” he added, signaling a robust plan to address FATF concerns over money laundering and terrorist financing deficiencies.
The grey list status, while not imposing immediate penalties, places Nepal under global scrutiny, potentially affecting its economic relations. Paudel’s remarks come amid growing parliamentary interest in the government’s strategy to restore Nepal’s standing, with his promise of a white paper likely to fuel further debate.
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