Bhutan’s Financial Institutions Reinforce Anti-Corruption Policies Amidst Global Challenges
A Model for Good Governance
As the world commemorates International Anti-Corruption Day on December 9, Bhutan’s financial institutions are reaffirming their commitment to upholding high standards of integrity and transparency. The country’s anti-corruption efforts have been recognized globally, with the Asian Development Bank (ADB) and Organization for Economic Cooperation & Development (OECD) hailing Bhutan as a model for good governance.
Strong Anti-Corruption Commission at the Forefront
The Anti-Corruption Commission (ACC), established by Royal Decree on December 31, has played a pivotal role in promoting a culture of integrity within government agencies, including financial institutions. The ACC has conducted awareness programs and training sessions with various stakeholders, including officials from financial institutions.
Proactive Measures Implemented by Financial Institutions
Bhutan’s financial institutions have been proactive in implementing anti-corruption measures, such as introducing robust internal controls and risk management systems. These efforts aim to enhance their understanding of anti-corruption policies and procedures, ultimately contributing to a safer and more transparent financial system.
Key Initiatives:
- Awareness programs for officials from financial institutions
- Training sessions on anti-corruption policies and procedures
- Introduction of robust internal controls and risk management systems
Collaboration with the Royal Monetary Authority (RMA)
The ACC has been working closely with the Royal Monetary Authority (RMA), the country’s central bank, to strengthen its supervisory framework and ensure that financial institutions adhere to international best practices.
Ongoing Commitment to Anti-Corruption Efforts
The recent appointment of new commissioners to the ACC underscores the government’s continued efforts to promote transparency and accountability within the public sector. Bhutan’s anti-corruption efforts have not gone unnoticed globally, with the United Nations recognizing the country’s progress in combating corruption.
Global Recognition:
- The ADB and OECD have hailed Bhutan as a model for good governance
- The United Nations will host a special session of the General Assembly against corruption in 2021
Financial Institutions Key to Maintaining Transparency
As Bhutan continues to strengthen its anti-corruption policies, financial institutions remain key players in this effort. By upholding high standards of integrity and transparency, they can help ensure that the country remains free from corruption and maintains its reputation as a model for good governance.