Kathmandu, Feb. 8 -- Nepal has taken a major step towards minimising the threat of being greylisted by the Financial Action Task Force (FATF) after the country's lower house on Wednesday endorsed a bill on money laundering.

The FATF is an international anti-money laundering body which decides whether to blacklist or greylist a country, or give waiver depending on the country's compliance with FATF's anti-money laundering standards.

The terms 'Blacklist' and 'Greylist' do not exist in the official FATF lexicon, but are colloquial phrases used to describe the two lists of countries the body maintains.

'Blacklist' is a term used for the FATF's list of "High-Risk Jurisdictions subject to a Call for Action." Currently, North Korea, Iran, an...