High-Level Meeting Held to Address Nepal’s Anti-Money Laundering Challenges

A high-level meeting involving top political and administrative leaders was convened on Sunday at Singha Durbar to discuss Nepal’s standing on anti-money laundering efforts and chart future strategies. The meeting, presided over by Prime Minister KP Sharma Oli, focused on the evaluation by the Asia Pacific Group on Money Laundering (APG), which highlighted Nepal’s potential inclusion in the “Jurisdiction under Increased Monitoring” (grey list).

The discussion emphasized the urgent need for preventive measures to ensure Nepal avoids the grey list designation. Leaders stressed the importance of showcasing Nepal’s political commitment and ongoing initiatives at the APG’s face-to-face meeting scheduled for January in the Philippines.

Prime Minister Oli urged all stakeholders to act decisively to bring about positive changes, underscoring the government’s dedication to fostering stability and improving Nepal’s anti-money laundering framework.

Nepali Congress President Sher Bahadur Deuba acknowledged the complexities of implementing anti-money laundering measures, stressing the need for rigorous efforts to track discreet financial flows. He emphasized public education on financial transactions and the importance of institutional reforms to enhance Nepal’s standing.

Deputy Prime Ministers, ministers, and senior leaders from key political parties, including Ishwor Pokharel, Shankar Pokhrel, Purna Bahadur Khadka, and Gagan Kumar Thapa, were present. The gathering concluded with a unified call to action, highlighting political will and collaboration as pivotal for addressing the challenges ahead.

This meeting reflects Nepal’s commitment to aligning with global standards and safeguarding its financial systems from vulnerabilities associated with money laundering.