Financial Crime World

Bhutan Cracks Down on Financial Crimes: Establishes Financial Intelligence Unit and Joins APG

Strengthening Anti-Money Laundering Regime

In a significant move to combat financial crimes, the Royal Monetary Authority of Bhutan has established a Financial Intelligence Unit (FIU) within its central bank. The FIU is responsible for receiving, recording, analyzing, and disseminating reports of suspected money laundering and terrorist financing activities.

Legislative Action Against Financial Crimes

Bhutan’s commitment to combating financial crimes dates back to 2004 when it enacted the Penal Code Act, criminalizing the laundering of proceeds of crime. This legislation marked a crucial step in strengthening Bhutan’s anti-money laundering regime.

Joining the Asia/Pacific Group on Money Laundering (APG)

In July 2011, Bhutan joined the APG, a regional body dedicated to combating money laundering, terrorist financing, and other illicit financial activities. The APG sets international standards for anti-money laundering and counter-terrorist financing.

First Mutual Evaluation Report

The first Mutual Evaluation Report of Bhutan was adopted by the APG in September 2016. This comprehensive report assesses Bhutan’s anti-money laundering and counter-terrorist financing framework against the Financial Action Task Force (FATF) Recommendations. A review of the report is available on the APG’s website, providing insights into Bhutan’s progress, challenges, and areas for improvement.

Additional Resources

For the latest announcements and updates on national policies, visit the Government of Bhutan’s official portal at http://www.bhutan.gov.bt. For further information about the Royal Monetary Authority of Bhutan, including its role in maintaining financial stability, visit the RMA’s website at http://www.rma.org.bt.

Key Highlights

  • Establishment of a Financial Intelligence Unit (FIU) within the Royal Monetary Authority
  • Enactment of the Penal Code Act in 2004 to criminalize money laundering and terrorist financing
  • Membership in the Asia/Pacific Group on Money Laundering (APG) since July 2011
  • First Mutual Evaluation Report adopted by APG in September 2016