KATHMANDU: The government has asked for detailed information from cooperatives in response to concerns related to the grey list of the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering.
The Ministry of Federal Affairs and General Administration has written to all local levels, while the Cooperatives Department has requested cooperative details to monitor risk-based cooperative associations and institutions.
The Ministry of Land Management, Cooperatives and Poverty Alleviation issued a letter asking all cooperatives to submit their information via Google Forms by mid-August, following a request from local authorities.
The Ministry instructed the Cooperatives Department to collect data for the fiscal year 2024/25 through Google Forms to support risk-based monitoring, in line with Sub-section (2) of Section 7 (P) of the Prevention of Money Laundering Act, 2064.
Raghunath Mahat, spokesperson for the Cooperatives Department, said a comprehensive institutional report on cooperatives has been requested. The report will include numerical data covering cooperatives with low to high turnover.
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