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Bhutan’s Efforts to Combat Money Laundering Receive Mixed Reviews
In a recent assessment, international authorities have evaluated Bhutan’s progress in implementing measures to prevent and detect money laundering. The report reveals that while some areas have made significant strides, others remain deficient.
Risk Assessment and National Cooperation
Bhutan scored poorly in assessing risk and applying a risk-based approach, with a non-compliant rating. This indicates that the country lacks effective mechanisms to identify and mitigate high-risk transactions.
- Risk Assessment: Poor score due to lack of effective mechanisms for identifying and mitigating high-risk transactions.
- National Cooperation and Coordination: Partially compliant rating, indicating that while there are efforts to share information and coordinate among agencies, these efforts are not yet robust enough.
Financial Institution Secrecy Laws
Bhutan’s financial institution secrecy laws were found to be largely compliant with international standards. This is a positive development, as it suggests that the country has taken steps to ensure transparency in financial transactions.
- Financial Institution Secrecy Laws: Compliant with international standards, indicating a transparent approach to financial transactions.
- Customer Due Diligence and Record Keeping: Partially compliant rating, suggesting that while there are efforts to collect information on customers and maintain records, these processes are not yet comprehensive or robust enough.
Targeted Financial Sanctions
Bhutan’s implementation of targeted financial sanctions related to terrorism and terrorist financing received a non-compliant rating. This suggests that the country lacks effective mechanisms to freeze and confiscate assets linked to terrorist activities.
- Targeted Financial Sanctions: Non-compliant rating, indicating a lack of effective mechanisms for freezing and confiscating assets linked to terrorist activities.
- Freezing and Confiscation of Assets: Limited ability to collaborate with other nations in combating money laundering.
International Cooperation
Bhutan scored poorly on mutual legal assistance, including freezing and confiscation of assets. This indicates that the country’s ability to collaborate with other nations in combating money laundering is limited.
- Mutual Legal Assistance: Poor score due to limited ability to collaborate with other nations in combating money laundering.
- International Cooperation: Limited cooperation with other nations in combating money laundering threats.
The report highlights areas where Bhutan needs to improve its efforts to combat money laundering, including risk assessment, national cooperation, and targeted financial sanctions. While there are positive developments in certain areas, such as financial institution secrecy laws, more work is needed to ensure that Bhutan’s financial system is robust against money laundering threats.