Kathmandu, Feb. 22 -- Nepal has been placed on the Financial Action Task Force (FATF) grey list for a second time. The decision came during the FATF plenary meeting held in Paris on February 17-21.

Earlier, Nepal was on the FATF grey list from 2008-2014. It has to cleanse its financial sector within two years or the country will fall into the black list where it will face more international transaction hurdles and sanctions.

In an update following its latest plenary, the FATF, a global anti-money laundering watchdog, said on Friday : "The FATF removed the Philippines from its increased monitoring following a successful on-site visit.

"The FATF added Laos and Nepal to the list of jurisdictions subject to increased monitoring."

It added...