Discussion from 2010 suggests the wall is still there, and unbelievers are on a timer before they're cemented into the wall of the faithless.

Quoth:

It's still there until they specifically say it's not. We've been told to assume that unless something is described as different or gone, then it's still there.

Details of the wall:

Some minimal amount of real worship is required to initiate a patron relationship with a god. Without a patron, no god can claim you, so you are stuck in the Fugue. The servitors of any god who is not your patron cannot even see you, speak to you or interact with you in anyway. After a time, if no god comes to collect you, you feel the siren tug of Kelemvor's city calling to you to come for judgment.

The faithless begin to petrify and are tossed onto the wall. There is a moss that acts like a mortar that is corrosive and breaks down the substance of the petitioner body. Eventually the petitioner body is eaten away.

Moreover, there seems to be discussion of discussion of the wall in 4e fiction:

The wall was also mentioned in 4e novels (Edge of Chaos briefly mentions it IIRC)

On the other hand, heroes of shadow has worked out the Keeper of the Everflow ED. While the Heroes of X books are certainly not FR, the wall of the faithless can trivially equate to the raven queen stealing souls for her afterlife and Keepers can exist trying to restore the "natural" order of things.

In AFMBE, as in most traditional RPGs, character death means "that character is dead and that's it. The player can generate another character now if they want."

AFMBE, also like most RPGs, assume a somewhat realistic world so video gamey things like "and the new character gets the old character's gear" is not a thing. New characters don't remember things the old one does or get things they had, they're a new person who was out there in the world and has now come on the scene. The old character was a person in the fictional world, they're dead, so except for police inquest and burial that's the end of their direct participation in the story. (They might come back as a zombie, though that's technically a GM-controlled NPC - although it can be entertaining to let a player play their zombified corpse attacking their former friends to blow off some steam and give them something to do prior to new-character introduction time.)

The player of the dead character would generate a new character based on the rules. You as the GM could allow them extra advancement and/or gear beyond a normal base character if needed in your judgement. Then you would introduce the new character at a point that makes sense in your story, ideally in a way that allows the existing characters to take them into their circle without relying on "well the players know they're a new PC so they may as well suddenly be best friends with this guy they just met." This can be during the existing session, at the start of the next session, whatever works for your group. In the end, everything should seem like a progression of events that makes sense for real life (or at least a movie version thereof).

That's for campaign games - in one shot games, often once your character dies that's it, you chill and watch the others till they all die too.

Of course you can implement any alternative way of handling character death, but this is the core assumption of what death means that drives every trad RPG.