Nepal's Internal Revenue Department Focuses on Anti-Money Laundering Efforts Amidst FATF Grey-List Concerns
Summary
Nepal's Department of Inland Revenue is intensifying its anti-money laundering efforts, focusing on the trade of precious metals, to get off the FATF grey-list and enhance financial transparency.
Key Points
- Nepal has been on the FATF grey-list since February 2024 due to anti-money laundering concerns.
- The Department of Inland Revenue is leading efforts to regulate the trade of precious metals to combat money laundering.
- Capacity building and mandatory computerized billing systems have been implemented to improve transparency.
- Recent amendments to the Anti-Money Laundering Act have clarified investigation and prosecution processes, enhancing enforcement.
