Financial Crime World

Financial Institution Anti-Corruption Policies in Bhutan Show Promising Developments Amidst COVID-19 Challenges

Thimphu, Bhutan - Despite the challenges posed by the COVID-19 pandemic, Bhutan’s financial institutions have shown a commitment to anti-corruption policies, with several initiatives and practices being implemented to prevent corruption and promote transparency.

The Anti-Corruption Commission: A Leader in Anti-Corruption Efforts

The Anti-Corruption Commission (ACC) of Bhutan has been at the forefront of these efforts, working to create effective deterrence, raise awareness about corruption, and build corruption-resistant systems and policies within agencies. The ACC’s mandate includes:

  • Taking corrupt individuals to task
  • Creating behavioral change
  • Building capacity among officials

Innovative Practices in Remote Judicial Proceedings

One of the key strategies employed by the ACC is remote judicial proceedings, which have been instrumental in ensuring uninterrupted access to justice during the pandemic. This has led to the development of innovative practices such as:

  • Video conferencing
  • Secure messaging platforms
  • Electronic litigation platforms

Promoting Anti-Corruption Awareness and Best Practices

The ACC has also conducted desk reviews of backlog cases, resulting in the dropping of 21 cases that no longer served the public interest or had insufficient evidence. The Commission has continued to conduct thematic and interactive sessions with officials from local government agencies, corporate entities, and financial institutions to promote anti-corruption awareness and best practices.

Operation Garuda, a joint operation between law enforcement agencies, has been instrumental in tackling corruption related to smuggling and other illicit activities during the pandemic. Investigations have revealed instances of bribery, extortion, and other corrupt practices by officials at the Mini-Dry Port in Phuentsholing.

Key Findings and Recommendations

The ACC’s efforts have resulted in several key findings, including:

  • Identification of smuggling networks involving police officers, customs officials, and other individuals
  • Importance of effective collaboration between law enforcement agencies
  • Need for robust anti-corruption policies and procedures within financial institutions

As Bhutan continues to recover from the pandemic, these initiatives and practices will be crucial in building a more resilient economy based on transparency, integrity, and trust. The ACC’s commitment to anti-corruption efforts serves as a model for other countries in the region and underscores the importance of proactive measures to prevent corruption and promote good governance.