Title: Bhutan’s New Financial Intelligence System: Boosting Financial Integrity and Combating Money Laundering

Date: August 21, 2020

The Royal Monetary Authority of Bhutan has launched a new financial intelligence system called Bhutan Financial Intelligence Analysis System (BFIAS), aimed at strengthening the kingdom’s financial integrity and enhancing its capability to counter money laundering. This advanced system enables financial institutions to report and analyze suspicious transactions online.

Key Features and Benefits of BFIAS

• Enhanced Financial Security: BFIAS allows institutions to scrutinize potentially illicit financial activities and take swift and appropriate actions.
• International Compliance: By implementing the system, Bhutan adheres to international standards for combating the financing of terrorism.
• Regulatory Support from the Asian Development Bank (ADB): ADB has provided technical assistance to improve Bhutan’s regulatory measures for Anti-Money Laundering (AML) and countering terrorism financing.

The Importance of AML and Counter-Terrorism Financing Measures

Countries worldwide are increasingly focusing on enhancing their AML and counter-terrorism financing capabilities to protect their economies from illicit financial activities. The launch of BFIAS signifies Bhutan’s proactive approach in this regard.

Partnership with the Asian Development Bank

Bhutan’s collaboration with the ADB is crucial to the success of this initiative. This partnership represents Bhutan’s commitment to:

1. Building a robust financial system
2. Safeguarding its economy from financial risks
3. Maintaining international financial security partnerships

Global Efforts to Counter Financial Crimes

The launch of BFIAS comes at a pivotal moment in the global effort to combat financial crimes. The system’s implementation underscores Bhutan’s dedication to creating a secure and transparent financial environment for its people and businesses.