Bhutan’s Battle Against Money Laundering: A Collective Effort in the Face of International Standards
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As the International Centre for Asset Recovery (ICAR) concluded its fourth workshop in Bhutan, Commissioner Karma Damcho Nidup of the Anti-Corruption Bureau (ACB) emphasized the pressing need for collective action against corruption and money laundering.
A Collective Problem Requires Collective Solutions
“This is not just an issue for the ACC,” he echoed. “It’s our collective problem. We need to find collective solutions and address it collectively.”
The fourth ICAR workshop, held from November 13th to 17th, 2017 in Thimphu, brought together 34 participants from 17 diverse agencies and entities.
Financial Investigations and Asset Recovery
With a strong focus on financial investigations and asset recovery, this workshop coincided with critical debates in the Bhutanese National Council regarding the Anti-Money Laundering and Countering Financing of Terrorism Bill (AML/CFT Bill).
The Significance of International Standards
Just as Bhutan ratified the United Nations Convention Against Corruption (UNCAC) in 2016, the country found itself undergoing a comprehensive review. The forthcoming AML/CFT Bill emphasizes the significance of this legislation in bolstering Bhutan’s efforts against corruption and money laundering.
Key Components of the AML/CFT Bill
The Bill addresses a shortcoming in the Anti-Corruption Act (2011) allowing for the prosecution of self-laundering, with which Bhutan’s UNCAC obligations stipulate compliance. It also:
- Emphasizes the importance of this legislation in bolstering Bhutan’s efforts against corruption and money laundering
- Provides for the prosecution of self-laundering
- Complies with Bhutan’s UNCAC obligations
ICAR Training Session Highlights
The ICAR training session focused on broadening participants’ understanding of:
- Corruption and money laundering
- Mutual Legal Assistance (MLA)
- Asset tracing and recovery
- Financial investigative techniques
- Electronic evidence
- Challenges associated with corruption investigations in Bhutan
It aimed to equip attendees to manage intricate financial investigation and asset recovery issues in their respective roles as investigators, prosecutors, or adjudicators. The training also underscored the role of financial institutions and insurance companies as significant stakeholders in the effort.
A Fruiful Collaboration
The fruitful collaboration between the ACC and the Basel Institute paved the way for a Memorandum of Agreement (MoA) signed on May 24th, 2017. This agreement provided for professional training offerings – including seminars and conferences – and knowledge sharing to detect and hinder corrupt activities. The latest workshop marked a notable achievement in the spirit of this MoA.
Conclusion
Bhutan’s efforts against corruption and money laundering demonstrate its commitment to upholding international standards and promoting transparency. Through collective action, Bhutan is taking significant steps towards combating these pressing issues.