Nepal in comfort zone for next FATF evaluation
KATHMANDU, JUL 24 -
The 15th annual meeting of Asia Pacific Group (APG) on Money Laundering held in Australia has upgraded Nepal’s status to “regular/expedite follow-up” from the previous position of “enhanced follow-up” which is expected to help Nepal at the time of next evaluation by the Financial Action Task Force (FATF).
The FATF is the inter-governmental global anti-money laundering body, while APG is a regional body that reports about the progress made by its member countries to the FATF. Nepal is a member of APG.
“As the discussion at the FATF focuses on the APG report, Nepal will be in a comfortable position in the upcoming plenary of the global body,” said Maha Prasad Adhikari, deputy governor of Nepal Rastra Bank, who participated in the APG annual meeting held on July 16-20 in Brisbane, Australia. “Having taken certain measures against money laundering in the recent days, Nepal’s position has strengthened in the APG.”
Following promotion of the status, Nepal’s position will now be reviewed every six months while the himalayan nation is required to report its progress to the APG every three months.
According to him, Nepal also became the member of the APG Steering Group which discusses on the FATF policies and budgets. Nepal represented South Asia in the seven-member steering group. The membership of the steering group is allocated on rotation in alphabetical order.
“After the end of Bangladesh’s term, India could not become a member as it is already a co-chair of the APG and Maldives showed no intention to become member,” said Adhikari. “So it’s Nepal’s turn to embrace the membership of the steering group.”
Posted on: 2012-07-24 08:49