The Rising Nepal reported that Nepal’s House of Representatives approved the Cooperatives (First Amendment) Bill 2083 on July 2, 2026. This legislation replaces the previous ordinance and is essential for the country to address its placement on the global money laundering grey list.
Minister Pratibha Rawal emphasized the necessity of this separate law to align with Financial Action Task Force (FATF) recommendations. During the debate, lawmakers stressed that cooperatives must return deposits directly and that operations should be restricted to their registered local levels under a single central authority.
The approval aims to regulate a sector recently affected by massive frauds, ensuring stricter oversight and protecting thousands of depositors.
Leave a Reply