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 be premier esteemed agency, fully committed to protect financial system by grounding effective anti-money laundering & countering financing of terrorism framework.
Mission
To disseminate quality financial intelligence to facilitate detections & prosecution of money laundering & financing of terrorism.
Values
TRICEP:
- T - Team Work;
- R - Resilience;
- I - Integrity;
- C - Confidentiality;
- E - Excellence; and
- P - Professionalism
Memorandum of Understanding between FIU-India and Department of Financial Intelligence of Bhutan.
