Terrorist Financing in Nepal Under Scrutiny as Country Hosts APG Mutual Evaluation

Nepal recently hosted a high-level team of experts from Asia-Pacific countries to assess the country’s anti-money laundering and counter-terrorism financing regime. The onsite visit was part of Nepal’s third Assessment Procedure Group (APG) Mutual Evaluation, aimed at evaluating the effectiveness of the country’s implementation of anti-money laundering and counter-terrorist financing measures.

Expert Team Converges on Kathmandu

A team of experts from Fiji, Malaysia, New Zealand, Bangladesh, Philippines, Sri Lanka, Australia, and China converged on Kathmandu between December 5 and 16, 2022. The team consisted of government authorities, private sector representatives, industry associations, and civil society groups. They met with local stakeholders to assess Nepal’s compliance with the Financial Action Task Force (FATF) international standards.

Modified Hybrid Meeting Format

Due to ongoing travel restrictions, the evaluation team held a modified hybrid meeting format to accommodate the virtual participation of Chinese expert Ran Sun. The assessment process was supported by Shannon Rutherford, Joëlle Woods, and Kirsty Struthers.

Full Cooperation from Authorities

Nepal’s authorities cooperated fully with the evaluation team, providing valuable insights into the country’s anti-money laundering and counter-terrorism financing regime. The team acknowledged the warm hospitality extended to them during their stay in Kathmandu.

Findings and Implications

The findings of Nepal’s mutual evaluation report will be considered for adoption at the next APG Annual Meeting scheduled for July 2023. The outcome is expected to have significant implications for Nepal’s efforts to combat terrorist financing and money laundering, with potential consequences for its economic stability and national security.

Key Takeaways:

• Nepal hosted a team of experts from Asia-Pacific countries to assess its anti-money laundering and counter-terrorism financing regime.
• The evaluation team consisted of government authorities, private sector representatives, industry associations, and civil society groups.
• Nepal’s authorities cooperated fully with the evaluation team, providing valuable insights into the country’s anti-money laundering and counter-terrorism financing regime.
• The findings of Nepal’s mutual evaluation report will be considered for adoption at the next APG Annual Meeting in July 2023.