Kathmandu: The Government of Nepal has begun preparations to remove the country from the Financial Action Task Force (FATF) grey list, following a high-level meeting of the Anti-Money Laundering Steering Committee held on Tuesday.

The committee decided to finalize and implement a national action plan aimed at addressing the concerns raised by FATF, the global body that monitors money laundering and terrorist financing.

Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel emphasized the need for a long-term strategy to ensure Nepal does not return to the grey list in the future. He urged all concerned institutions to act with urgency and commitment.

Similarly, Minister for Law, Justice and Parliamentary Affairs Ajay Kumar Chaurasia expressed confidence that Nepal can be delisted through strong political will and coordinated efforts.

Attorney General Ramesh Badal stressed the importance of institutional good governance across all state bodies to meet FATF standards, while Chief Secretary Eaknarayan Aryal underlined the need to leverage technology and follow the action plan rigorously.

Acting Governor of Nepal Rastra Bank, Neelam Dhungana Timsina, cautioned against delaying implementation, urging authorities to start working proactively from the beginning, rather than waiting until deadlines approach.

Nepal was placed on the FATF grey list in February 2024, raising concerns over deficiencies in its financial system's ability to prevent money laundering and the financing of terrorism. The current action plan marks a major step toward strengthening compliance and restoring international financial credibility.