Nepal Pledges FATF Grey List Exit and Middle Class Expansion

ictframe.com · 6 days ago

The Ministry of Finance has announced an ambitious policy agenda to improve Nepal's economic standing, aiming to exit the Financial Action Task Force grey list and expand the domestic middle class through the upcoming national budget. Finance Minister Dr. Swarnim Wagle attributed the grey list classification to weak regulatory enforcement and slow governance reforms over decades, emphasizing institutional accountability and good governance. A 15-point action plan is being implemented to modernize anti-money laundering systems and strengthen counter-terrorism financing enforcement. International regulators, including David Shannon of the Asia Pacific Group, have called for continued enforcement in asset tracking, with a focus on prosecution records and conviction rates.