Nepal added to high-risk country list updated by Financial Intelligence Service
Nepal has been added to the high-risk country list updated by the State Financial Intelligence Service of Kyrgyzstan.
According to the agency, the list includes countries subject to enhanced financial control measures. Nepal was added to the revised list, while the Philippines was removed.
It is noted that Nepal’s inclusion in the high-risk list was based on its presence in the Financial Action Task Force on Money Laundering (FATF) list — an international group combating financial crimes.
The list compiled by the Financial Intelligence Service includes 64 countries, such as Yemen, Angola, Aruba, Kenya, Iran, Laos, Afghanistan, Mozambique, Monaco, Croatia, Nigeria, and others.
In accordance with the regulation on the application of measures (sanctions) against high-risk countries, approved by a government decree of Kyrgyzstan, authorities can implement enhanced customer due diligence measures when establishing business relationships and/or conducting transactions with individuals or legal entities from high-risk states. This measure is applied by financial institutions and non-financial entities, which are also required to report any transactions with individuals or entities from high-risk countries to the financial intelligence body, regardless of the transaction amount.
