Financial Crime World

Bhutan and Australia Strengthen Cooperation Against Money Laundering and Terrorist Financing

A Significant Step towards Enhancing the Fight against Financial Crimes

On February 8th, 2022, H.E Mr. Sonam Tobgay, Ambassador of Bhutan to Australia, and Ms. Nicole Rose PSM, Chief Executive Officer of the Australian Transaction Reports and Analysis Centre (AUSTRAC), signed a Memorandum of Understanding (MoU) between the Financial Intelligence Department (FID) of the Royal Monetary Authority (RMA), Bhutan, and AUSTRAC.

Enhancing International Cooperation

This virtual signing ceremony marked another step in strengthening ties between Australia and Bhutan to combat money laundering (ML), terrorism financing (TF), and other related financial crimes. The event was conducted with COVID-19 protocols in place to ensure the safety of all parties involved.

Seamless Information Exchange

The agreement will enable seamless and unhindered information exchange between the two countries, whenever either party requires ML or TF-related financial intelligence or information. As of now, FID-RMA has inked a total of 13 such MoUs with various Financial Intelligence Units globally.

  • This international cooperative mechanism enables the most comprehensive, efficient, and constructive international cooperation in addressing ML, its associated predicate offenses, and TF.
  • It aligns with Recommendation 40 of the Financial Action Task Force and Section 37 (9) of Anti-Money Laundering and Countering the Financing of Terrorism Act, Bhutan 2018.

Quotes from Key Officials

Ms. Nicole Rose, CEO of AUSTRAC, emphasized the importance of these cooperative arrangements:

“The signing of the MoU between AUSTRAC and FID-RMA marks an essential step forward in strengthening our nations’ commitment to preventing ML and TF. As financial crimes continue to evolve, it’s essential that we work collaboratively and share crucial information and intelligence to better safeguard our financial systems.”

H.E Mr. Sonam Tobgay, Bhutan’s Ambassador to Australia, echoed her sentiments:

“Bhutan remains committed to the global fight against financial crimes. This MoU with AUSTRAC represents a crucial component of our ongoing efforts to create a robust and effective anti-ML/TF framework to protect our citizens and the global financial community.”

Stay Informed

  • Press Release: [link]
  • Upcoming Event: From May 8th-9th, the Ambassadors of Germany and Thailand will address the Australian Institute of International Affairs in Melbourne. For more information, visit https://www.internationalaffairs.org.au/au-events.