The Department of Cooperatives had started the registration process of all types of cooperative organizations from last July 1 with the aim of collecting information from the cooperative sector regarding the prevention of money laundering.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Although the Department of Cooperatives has started collecting data on cooperative organizations regarding the prevention of money laundering, only 3,700 organizations have been registered in the past four months.
The Department of Cooperatives had started the registration process of all types of cooperatives from last July 1 with the aim of collecting information on the cooperative sector in relation to the prevention of money laundering. For that, a separate Google form was created and cooperatives were instructed to fill it online. Umesh Dhungana, Registrar of the Department of Cooperatives, informed that only 3,700 cooperatives have been registered so far in the same process.
No body has accurate data on the number of cooperatives in Nepal. The Economic Survey states that about 31,000 cooperatives are registered, and about 15,000 of them are savings and credit cooperatives. However, experts say that the very low number of registrations initiated by the department to update the data confirms how the organizations are functioning and what kind of good governance they have.
The Department of Cooperatives has been issuing notices repeatedly after very few organizations have been registered. However, very few organizations have been registered.
The department, in collaboration with the National Statistics Office, has also started preparations to calculate the contribution of the cooperative sector to the Gross Domestic Product (GDP). For that purpose, the information (data) of cooperative organizations is also being updated.
