Financial Crime World

Title: Bhutan’s Financial Intelligence Department: A Key Player in Combating Money Laundering and Terrorist Financing

Background: A New Chapter

The Financial Intelligence Department (FID) of Bhutan has emerged as a crucial player in the fight against money laundering and terrorist financing. Initially a part of the Financial Supervision Department, the FID was established in 2011 under the Financial Intelligence Unit (FIU) of Bhutan. According to the mandates of the Financial Service Act, 2011, this was in accordance with the necessary provisions.

However, with the enactment of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Act in 2018, the FIU was transformed into the FID, ensuring its independence within the framework and administrative control of the Royal Monetary Authority (RMA).

Objectives: Combating Financial Crimes

The FID’s primary objectives are:

  1. Strengthening Bhutan’s AML/CFT activities: The FID aims to enhance Bhutan’s efforts in preventing and detecting financial crimes.
  2. Implementing effective surveillance measures: The FID monitors financial transactions and suspicious activities, utilizing advanced technology and analysis.
  3. Upgrading Bhutan’s compliance status per FATF Recommendations: The FID works towards meeting international standards set by the Financial Action Task Force (FATF).
  4. Fostering international cooperation with agencies and Financial Intelligence Units (FIUs): Collaborations enable the exchange of information and best practices in combating financial crimes.
  5. Conducting awareness campaigns throughout Bhutan and within the financial sector: Educating the public and financial institutions about the risks and signs of money laundering and terrorist financing is crucial.
  6. Collaborating with domestic law enforcement agencies, regulators, and stakeholders: Partnerships facilitate coordinated efforts in combating financial crimes.
  7. Contributing to the global fight against money laundering and terrorist financing: The FID plays a role in maintaining the integrity of the international financial system.

Vision: Protecting Bhutan’s Financial System

The FID’s vision is to strengthen its role in defending Bhutan’s financial system against proceeds generated by criminal activities. By supporting the detection, investigation, and prosecution of money laundering and terrorist financing, the FID embodies a commitment to excellence.

Values: The Core Beliefs

The FID upholds the following core values:

  1. Partnerships: Fostering relationships with stakeholders allows for a collaborative environment in addressing the complex nature of financial crimes.
  2. Teamwork: Working together as a cohesive unit facilitates effective tactics to tackle money laundering and terrorist financing.
  3. Innovation: Embracing creative solutions enables the detection and prevention of financial crimes.
  4. Respect: Respectful interactions maintain a positive and productive work environment, both internally and externally.
  5. Confidentiality: Maintaining discretion is essential for upholding trust and building effective relationships.
  6. Excellence: Striving for the highest possible performance ensures the successful execution of the FID’s mission.