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The second Financial Action Task Force (FATF) Plenary under the two-year Mexican presidency began in Paris on Wednesday. Delegates from 200 members of the Global Network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, INTERPOL and the Egmont Group of Financial Intelligence Units are participating in the three-day plenary. According to FATF, the plenary will discuss important developments in combating illicit finance that fuels global crime.

It will also discuss strengthening financial inclusion through risk-based implementation of FATF Standards. Delegates will also review progress made by jurisdictions identified as presenting risks to the financial system.

Finance Ministry sources say the plenary is expected to decide whether to place Nepal on the gray list—an informal designation for countries with strategic deficiencies in combating money-laundering and terrorist financing.

Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari said last month that Nepal has laid a strong foundation to exit the gray list if listed. “Nepal is currently in the listing phase after completing its mutual evaluation period. Even if we are listed, we have laid a strong foundation to exit the gray list,” Adhikari said during Anti-money Laundering Day celebrations in Kathmandu on Jan 27.

Officials say the FATF, an intergovernmental body that sets global standards for anti-money laundering (AML) and counter-terrorist financing (CFT), has expressed concerns over Nepal’s slow progress in key areas. While Nepal has made legislative reforms, international observers have criticized delays in investigations, prosecutions and enforcement of AML/CFT measures.

Nepal’s mutual evaluation process, which began in June 2022, identified several gaps in the country’s AML/CFT framework. A team from the Asia/Pacific Group on Money Laundering (APG), comprising experts from Australia, Bangladesh, Fiji, Malaysia, New Zealand, the Philippines and Sri Lanka, made 11 immediate recommendations for improvement. Officials acknowledge that progress in implementing these reforms has been unsatisfactory.

Nepal was previously on the gray list from 2008 to 2014 but was removed after establishing legal and institutional frameworks. Deputy Prime Minister and Finance Minister Bishnu Paudel also said Nepal’s efforts to address money-laundering risks were insufficient. “Efforts have been made to avoid being pushed into a high-risk or monitored category, but we have not been as effective as required,” he said during anti-money laundering day celebrations.

The government had made preparations to amend over a dozen laws through an ordinance in Oct 2022, targeting key legislation including the Money-laundering Prevention Act, Cooperative Act, Tourism Act, Nepal Penal Code and Foreign Investment and Technology Transfer Act. However, the President refused to issue the ordinance.

Parliament passed the anti-money laundering bill only in Feb 2023, amending several laws to align with international standards. Despite these efforts, experts say challenges remain in addressing issues such as proxy ownership of assets, underreporting of property values and large cash transactions. Home Ministry spokesperson Ram Chandra Tiwari said in a press meet on Monday that the ministry has failed to complete two critical tasks: developing software for targeted financial sanctions to reduce terrorist financing risks and regulating non-profit organizations. The FATF will announce the outcomes of the Plenary meeting on Friday.

A person died and another sustained critical injuries in a bus accident at Temal Rural Municipality-3, Kavre this morning.

According to the District Police Office, Ram Singh Tamang (50) of Temal Rural Municipality-1 died on the spot.

Bus driver Krishna Balan (50) of Bagmati Rural Municipality of Makawanpur who was critically injured in the accident is undergoing treatment at Dhulikhel Hospital.

Days after Elon Musk, who is heading the US Department of Government Efficiency, announced a series of expenditures, including $39m allocated for Nepal, US President Donald Trump backed him saying that support to Nepal’s fiscal federalism is a fraud. 

The Elon Musk-led Department of Government Efficiency (DOGE) took to X on Sunday to announce that it has canceled the funding to be received by Nepal among several other nations. Nepal was set to receive $20m for fiscal federalism and $19m for biodiversity conservation. These funds were among several global aid allocations that have now been scrapped, including $40m for gender equality programs and $47m for improving learning outcomes in Asia. US President Donald Trump painted Elon Musk as his enforcer-in-chief Tuesday, hailing the tech billionaire’s zeal in implementing the blizzard of executive orders the president has issued since returning to office. In a joint interview broadcast on Fox News, the two men spent substantial time singing the other’s praises and dismissing concerns that Trump is overstepping his executive powers.

Trump has signed scores of executive directives in the past three weeks, many of which have been challenged in the courts as potentially unconstitutional. Billionaire Musk, who was Trump’s top donor during his 2024 presidential campaign, was tasked with leading the newly-created Department of Government Efficiency (DOGE), with the declared goal of rooting out “waste, fraud and abuse” in federal spending.

“One of the biggest functions of the DOGE team is just making sure that the presidential executive orders are actually carried out,” Musk told Fox News. In the interview, Trump insisted his policies–including a wholesale onslaught on federal institutions–should be implemented without delay and said Musk was instrumental in pushing them forward.

“You write an executive order and you think it’s done, you send it out, it doesn’t get done. It doesn’t get implemented,” Trump said. He added that Musk and the DOGE team have now become an enforcement mechanism within the federal bureaucracy to enact his administration’s agenda without anyone standing in their way—or else risk losing their jobs. And some guy that maybe didn’t want to do it, all of a sudden, he’s signing it,” Trump said.

Lawmakers have drawn the government’s attention to the suspicious death of Prakriti Lamsal, a student at Kalinga Institute of Industrial Technology (KIIT) in Odisha, India, and the subsequent expulsion of hundreds of Nepali students by the university administration for demanding an investigation into the case. Twenty-year-old Lamsal, a resident of Butwal, was found dead on Sunday in her KIIT hostel room on the night of February 16.

During Tuesday’s session of the House of Representatives and National Assembly, lawmakers urged the government and parliament to take the incident seriously, emphasizing that such incidents reflect disrespect toward Nepal and its citizens.

The issue has also been raised in the Odisha State Assembly, where opposition lawmakers have criticized the government for failing to maintain law and order. They called for a thorough investigation, citing potential international repercussions.

Following Lamsal’s suspicious death and the alleged mistreatment of Nepali students, KIIT Vice-chancellor Saranjit Singh issued an official apology. “We deeply regret the mistreatment of Nepali students and the irresponsible behavior of our staff. We love and respect Nepali students as much as we do students from India and the rest of the world,” the statement read.

He also urged Nepali students to resume their classes, assuring them that the situation would be addressed.

KIIT has already taken disciplinary actions against staff involved in the mistreatment of Nepali students. Two security guards who assaulted Nepali students have been dismissed, while two hostel wardens and an administrative officer have been suspended pending an internal investigation.

Additionally, two senior hostel officials and a senior administrative officer have been suspended until a full inquiry is completed. Some professors who verbally abused students have since issued public apologies via video statements. Meanwhile, a control room has been set up on campus to facilitate the return of Nepali students and ensure their safety.

The institute has also punished staff involved in making disrespectful remarks and attempting to evict 1,400 Nepali students from the hostel.

Two Nepali security officials—Sanjeev Sharma Das (SSP, Nepal Police) and Nabin Adhikari (Deputy Director, National Investigation Department)—visited the KIIT hostel to assess the situation. The delegation was set to meet KIIT officials and local police to gather further information and coordinate necessary actions.

Prior to her death, Lamsal had filed a complaint against fellow student Advik Srivastava, accusing him of repeated harassment. However, the KIIT administration allegedly ignored her complaints and attempted to cover up the incident.

Following her death, students staged protests demanding a serious investigation. However, KIIT’s administration allegedly tried to suppress the demonstrations, leading to further clashes between students and security personnel.

Chief Election Commissioner Dinesh Kumar Thapaliya emphasized the need to expand election education and voter education for greater participation of citizens in the election.

In a press statement on the occasion of the 9th Election Day today, Chief Election Commissioner Thapaliya saw urgency of making arrangements that would allow voters enlisted in the voter list in a designated polling station to cast their votes at any polling stations across the country.

The Election Day has been observed every year on Falgun 7 since 2073 BS, commemorating the General Elections held in Nepal for the first time on the same day in 2015 BS.

Thapaliya, in the press statement, expressed his displeasure over the false narrative being developed by the political parties and their candidates around the cost of the electoral system by inflating their election campaign's expenses. According to him, the election management cost is relatively low.

He also expressed his concern over the questions raised over the integrity of the State mechanism used during the election and viewed that this mechanism should be mobilized by the body managing the election after the election date is announced.

He argued that the success of elections would depend on the awareness level among the citizens about their rights and responsibilities, from electing representatives to exercising their rights.

The Chief Election Commissioner also held the belief that legislation regarding election management and operation would be formulated and enforced at the earliest.

He acknowledged that the management of social media and artificial intelligence had emerged as a new challenge during the election.

Likewise, in the press statement, Secretary at the Commission Bharat Mani Subedi affirmed that the Election Commission of Nepal maintained integrity and impartiality throughout the election process.

He, however, called for a review to assess the need for improvement in the procedures and methods in the election management. The slogan for the 9th Election Day is 'Effectiveness of Election: Participation of General Citizens in the Election Process'.

Prime Minister KP Sharma Oli has extended best wishes on the occasion of the National Democracy Day.

Taking to the social networking site Facebook today, he extended best wishes to all democracy-loving Nepalis on this glorious and historic day.

"Falgun 7, today is the most epochal day in the lives of Nepalis, the day when we have elevated ourselves to the status of the citizen through sacrificial struggle," PM Oli.

Prime Minister Oli posted the national flag of Nepal along with the map of Nepal and wrote, "Emotional tributes and respect to the immortal martyrs including Shukraraj Shastri, Dharmabhakta Mathema, Dasharath Chand and Gangalal Shrestha who laid down their lives against the despotic rule".

BR Gems, RB Diamonds, and Classic Diamond—three synonymous names in Nepal’s diamond industry—are all the brainchild of Babu Raja Maharjan, who currently serves as the chairperson of Classic Diamond. His younger brothers, Amir and Samir, have also been in the business for around 25 years. Classic Diamond, focused on establishing itself as a leading brand, regularly organizes the Timeless Paragon Jewelry Fashion Show (TPJFS). The fifth season of TPJFS is set for Feb 24, followed by an exhibition, Elite Collection 2025, from Feb 25 to March 3. ApEx spoke with Amir Maharjan, Managing Director of Classic Diamond. Excerpts:

What inspired Classic Diamond to organize TPJFS?

The jewelry industry is centuries old. Many were engaged in the business, but no one was truly working to build a brand in Nepal. That’s why, through Classic Diamond, we set out to change this in 2006. We introduced new initiatives, such as establishing high-end manufacturing facilities in Nepal, launching customer retention schemes, and adopting modern marketing strategies like publishing flyers. This gave us exposure, but we wanted a more refined way to showcase our products. That’s when we conceptualized the TPJFS. Seeing models wear and display real jewelry allows clients to visualize how the pieces look when worn.

The first season of TPJFS took place in 2010, featuring Indian actress Minissha Lamba. In 2012, we held the second season with Zeenat Aman, followed by the third in 2014 with Sushmita Sen. The success of these shows motivated us, as they significantly boosted our business and brand recognition. The fourth edition in 2017 featured Manisha Koirala. Now, we are all set for the fifth season, with Lara Dutta and other renowned figures from the fashion industry. This show remains the best platform to showcase our jewelry. These shows also help people become more conscious of the value and visibility of the brand.

This year, the show features Lara Dutta and other renowned figures from the fashion industry. How do such high-profile collaborations help the brand’s presence?

It’s human nature that when we see others wearing something, we get inspired and want to wear the same. This is especially true when celebrities or high-profile individuals set trends. Bringing a former Miss Universe like Lara Dutta gives our products significant exposure. Dutta is not only an actress but also an inspiring and intelligent woman—a true example of women’s empowerment. Her endorsement of our jewelry is immensely valuable for our brand. And, we believe that the personality she carries truly matches our brand objectives and thus we have chosen her to walk on the ramp wearing our crown.

What makes Elite Collection 2025 special and how does it stand apart from previous collections?

In this year’s collection, we have focused extensively on design because there is currently a trend of low-quality designs in the market. With this collection, we aim to show our customers what true quality in design and product looks like. Jewelry should be state-of-the-art, prominent, long-lasting, and built with solid craftsmanship. This collection features a blend of wedding, casual, and office-wear jewelry. Additionally, we are offering a 25 percent discount off the factory price. The market is highly competitive, and while the discount helps, it is the quality that truly matters. This time, we have kept the profit margin to a minimum, with the sole vision of showing our clients what actual hand-made jewelry looks like.

Many people aren’t aware that high-quality products are available in Nepal. There is a significant amount of cross-border business in this industry. However, with this collection and scheme, we aim to show our customers that we offer the best products in Nepal.

How has your brand evolved over time and how do you see the future of this industry?

When we started, the jewelry market in Nepal was dominated by imports from India. Back then, after receiving training in India and Hong Kong, we noticed that there were no proper manufacturing facilities and expertise in Nepal. However, we saw a huge opportunity and potential, which led us to start our own brand. At the time, the industry followed a traditional model, with two or three workers in a jewelry shop. We, however, established a manufacturing factory with the goal of ensuring clients wouldn’t have to go outside of Nepal to buy jewelry. This would not only benefit the market but also keep money within the country, generate employment, and ensure quality. 

It has been solely driven by family unity and values that helped us grow so far. Our major family members have also gained expertise in precious gemstones and innovative design and aesthetics. 

Initially, since people were accustomed to going to India for their jewelry, it was challenging for us. But over time, we managed to establish our presence. We also educated people that buying jewelry in Nepal would make after-sales service much easier. Slowly, we were able to break that trend. 

As for the future of the industry, it’s very bright. If the government provides more support, there’s immense potential. Currently, there is a shortage of raw materials and difficulties with importing and exporting. While we have a large market abroad, export challenges prevent us from reaching our full potential. Classic Diamond alone can export jewelry worth $6-7m annually, which would not only help generate foreign currency but also contribute to employment and improve the nation’s financial situation. However, the government’s support is crucial. In many countries, exporters receive benefits when importing raw materials, based on the amount they export, but there is no such provision in Nepal.

How do you balance tradition with modern aesthetics in your jewelry designs?

Today’s clients are largely inspired by designs from abroad. However, we put significant effort into our designs and do not directly copy others. Designs are the core competencies of Classic Diamond. Even when clients request replicated designs, we incorporate our own modifications. Additionally, we create original designs. Over the past three years, we have developed 3,000 new designs and many of them will also be showcased at the Elite Collection 2025.

What measures does Classic Diamond take to enhance customer satisfaction and build lasting relationships?

We have sustained our business primarily through exceptional customer service. We don’t view customers solely from a business perspective but strive to make them part of our family. In jewelry, both financial and emotional aspects are intertwined, making this connection essential. We ensure customers receive the best products. In some cases, we have remade items even when customers were satisfied but we felt they didn’t meet our standards. Every product undergoes quality control before reaching the customer. Additionally, we offer a 10 percent return policy, free exchanges, free cleaning, and free maintenance.

With showrooms in New Road, Pulchowk and in the US, do you have plans for further expansion within Nepal or internationally?

In the near future, we are expanding with two more stores in the US, bringing the total to five. In Nepal, we will soon be opening a store in Pokhara. We would like to reach out to as many jewelry enthusiasts as possible and also to take our sophisticated craftsmanship to the bigger marketplace.

National Assembly Chairperson Narayan Prasad Dahal has demanded an investigation into the death of a student, Prakriti Lamsal of Butwal, studying at Kalinga Institute of Industrial Technology (KIIT) University.

Speaking in today's NA meeting, Chair Dahal said NA's serious attention was drawn due to the mysterious death of Lamsal and drew the government's attention to start diplomatic initiative immediately to investigate the case and provide appropriate justice.

He also urged the government to take initiative to create a favorable environment for study to other Nepali students of KIIT. 

Speaking in the emergency hour of the meeting, lawmakers asked for a serious investigation into Lamsal's case.

Radhe Shyam Paswan said, "Lamsal was compelled to commit suicide after the college administration turned its deaf ear towards her frequent complaints with evidence of mental torture," demanding investigation into the case.

He further said the government of Nepal should take diplomatic initiative and rescue the stranded Nepali students.

Similarly, Krishna Bahadur Rokaya objected saying other Nepali students are being oppressed while raising voice on the issue of the death case of the Nepali student Lamsal.

He asked the government to investigate the case through diplomatic initiative and create a safe environment for study to other Nepali students there.

Stating that it was injustice not allowing Lamsal's relatives to see the dead body, Madan Kumari Shah objected to the misbehavior meted out against Nepali students by KIIT college administration.

Lawmaker Mohammad Khalid called on the government to take initiative for the safety and protection of the Nepali students studying at KIIT.

Tula Prasad Bishwakarma also called attention of the government over the death of Lamsal at KIIT.

"Nepali student Prakriti Lamsal was found dead in the hostel; it is sad that instead of investigating the truth behind Lamsal's death, the KIIT authorities used coercion and suppression against Nepali students demanding a fair investigation into the incident," he said and called on the government to take initiatives so that a fair investigation is carried out and the guilty are brought to justice.

Similarly, lawmaker Tulasa Kumari Dahal demanded further investigation into the death of Nepali student at KIIT hostel.

Mistreatment on civil servant flayed

Meanwhile, the upper house lawmakers have expressed their objection to what they called the increasing cases of physical assault on and mistreatment of civil servants by the local level people's representatives.

Speaking during the Zero Hour of the National Assembly session today, they said it was a matter of serious concern that the public employees were 'insecure' from the people's representatives themselves.

MP Padam Bahadur Pariyar objected to the recent attack on the staff by the people's representative of Bandipur Municipality-6 in Tanahun district and demanded an investigation.

Another MP Manarupa Sharma also denounced the incident and demanded action against the culprits.

MP Renu Chand drew the attention of the government to end all kinds of discrimination and take action against those who discriminate.

Bishnudevi Pudasaini stressed the need for inter-agency coordination in the construction of infrastructure, including sewage, drinking water, and electricity in Kathmandu.

Lawmakers Rukmini Koirala, Bishnu Kumari Sapkota, Bishnu Bahadur Bishwakarma, Krishna Prasad Adhikari, and Sabitri Malla stressed the need for the government to take immediate steps to investigate the death of Prakriti Lamsal from Butwal, a student at KIIT University in Odisha, India.