Kathmandu, 3 March: If laws are not formulated in time to control financial crimes and such laws are not effectively implemented, Nepal is almost certain to fall on the ‘grey list’ (negative list). The Asia- Pacific Group (APG) under the Financial Action Task Force (FATF), an international organization that monitors money laundering, has submitted a report to put Nepal on the grey list.
There is a possibility that the World Bank, International Monetary Fund, Asian Development Bank, among others, will reviewnad halt loans and financial aid, and stop grants and aid to any country that is on FATF’s grey list. Even after that, if there is no improvement, the country will be blacklisted and become a victim of global embargo.
It is difficult to control and verify international banking transactions from blacklisted countries. Experts say that in such a situation, foreign investment will be discouraged, the country’s financial reputation in the international market will decrease, and the assets of the government and citizens abroad will be at risk, reports Kantipur Daily.
People’s News Monitoring Service
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