Overview of Financial Intelligence Department

The Financial Intelligence Unit (FIU), now upgraded to Financial Intelligence Department (FID) of Bhutan was established in 2011 within the Financial Supervision Department under the Royal Monetary Authority of Bhutan as per the mandates of Financial Service Act 2011. As required by the FATF Recommendation, the FIU was later formed a separate independent unit within the framework and administrative control of Royal Monetary Authority. With enactment of AML/CFT Act 2018, the FIU is upgraded to full fledge department from 1st July 2018.

Objectives

The objective of establishing the FIU is to combat money laundering, terrorist financing and other related crimes in line with FATF recommendations and other international standards.

The following are some of the core objectives behind establishment of FIU:

  • To strengthen AML/CFT activities of Bhutan
  • To ensure effective surveillance of AML/CFT
  • To upgrade compliance status of Bhutan as per FATF Recommendations through APG secretariat.
  • To strengthen the international corporation with international agencies and FIUs for implementing the best practices and international recommendations on Anti- Money Laundering and Terrorist Financing.
  • To create awareness on Anti-Money laundering and Terrorist Financing across Bhutan and Financial Institutions.
  • To co-ordinate with domestic law enforcement agencies, regulators and other stake holders in detection and prevention of threats arising from Money Laundering and Terrorist Financing.
  • To make a significant contribution to combat the Money laundering crimes nationally and internationally.


Vision

To strengthen Financial Intelligence Department and protect Bhutan’s financial system against proceeds generating crime.

Mission

To support the detection, investigation and prosecution of money laundering and financing of terrorism by collecting, analyzing and disseminating financial information and intelligence to law enforcement agencies and foreign counterparts.

Values

  • Partnerships – We listen to our stakeholders and work closely with them.
  • Teamwork – We support each other and work together as a team./li>
  • Innovation – We encourage creativity and out-of-the-box thinking in order to constantly improve our work rather than adherence to tradition.
  • Respect – We respect differences in people and ideas; we treat each other and those we serve with fairness, dignity, and respect; we encourage individual opportunity and growth; strive to carry out the mandate with a sense of integrity.
  • Confidentiality – We adhere to high level of security to inspire and maintain the trust of its stakeholders.
  • Excellence – We strive to achieve the highest level of performance in conducting our operations and working relationships with stakeholders.