Govt aims for full compliance with international anti-money laundering standards in 2 years

KATHMANDU: Nepal remains on the Financial Action Task Force (FATF) grey list due to shortcomings in anti-money laundering measures, prompting the government to adopt a policy to meet all international standards within the next two years.  

The government’s policies and programmes for fiscal year 2025/26, presented today at a joint session of the House of Representatives and National Assembly of Federal Parliament, set the objective of achieving full compliance with international anti-money laundering standards within two years.  

To prevent money laundering, National Strategy and Action Plan on Anti-Money Laundering and Combating Financing of Terrorism will be fully implemented. By 2083 BS, Nepal will be classified as a country that fully complies with international anti-money laundering standards. The investigation and prosecution system will be made transparent and effective in regulating financial crimes.  

To strengthen transparency and accountability in the economic and financial system, mechanisms for seizing illegally acquired assets and transferring them to state ownership will continue. Measures will also be reinforced to combat smuggling, corruption, and misuse of state assets.  

The government has adopted a zero-tolerance policy towards corruption and plans to implement the second National Strategy and Action Plan against Corruption to improve transparency and accountability in government agencies. A Rapid Response Team will be deployed to promptly address complaints received through the Hello Sarkar platform.  

The Office of the Prime Minister and Council of Ministers (OPMCM) will be developed as a Centre of Excellence to enhance the effectiveness of public service delivery and development administration. The policies and programmes also state that development projects will undergo result-oriented monitoring, with oversight of monitoring activities by the OPMCM.  

Governance reforms will be gradually expanded in line with the directives of the high-level Governance Reform Commission, chaired by the Prime Minister. Additionally, the e-Governance Board will be activated to simplify decision-making processes and transform services through technology. Continuous micro-level monitoring will be conducted to ensure accessibility and efficiency in public service delivery.  

The government has adopted the policy of completing surveys on road transport service providers, private healthcare providers, and cooperatives, which are necessary for adjusting the base year of the national accounts estimates. Additionally, the government aims to complete data collection for the National Economic Census 2082 within this year.  

The policies and programmes also state that the electronic procurement system will be upgraded to ensure efficient and result-oriented public procurement, and the Investment Board will be mobilised to attract foreign investment for industrial and infrastructure projects.  

President Ramchandra Paudel presented the government’s policies and programmes for fiscal year 2025/26 at the joint session of both Houses today.