Financial Intelligence Unit (FIU) is responsible for receiving, processing, analyzing and disseminating information received from reporting entities relating to suspicious financial transactions to enforcement agencies and foreign FIUs. The Financial Intelligence Unit (FIU) in Bhutan was formally established in pursuant to Section 141 of the Financial Services Act, 2011, RMA, under the Financial Regulation and Supervision Department (FRSD) within the RMA in October, 2010 with the assistance under a ADB loan no. 2280 “Financial Sector Development Project (FSDP)”.
Functions
The FIU established within RMA is an administrative type FIU and is under
the direct supervision of the Deputy Governor. The Administrative Model
is a centralized, independent, administrative authority, which receives
and processes information from the financial sector and transmits disclosures
to investigators and other law enforcement agencies for prosecution. It
functions as a “buffer” between the financial and the law
enforcement communities.
In other words, it carries out the following core functions:
- Receiving transaction reports from reporting entities and information from other FIUs.
- Analysing the information received from the reporting entities
- Disseminating information it has received and analysed and the sharing the results of analysis with the investigators and prosecutors.
Organization Structure
The organizational structure of the FIU in Bhutan is fairly small. Currently,
the following makes up the organization structure of the FIU:
- National Coordinating Committee
A “coordinating committee” with senior representatives of all agencies with responsibilities in relation to ML and FT has been established. This committee ensures regular review of law and procedure and proposes changes as needed to reflect international best practice.
- Working Committee
The FIU in Bhutan has a working committee comprising of representatives from the concerned ministries, law-enforcement, and prosecution agencies; financial sector supervisors; and the sectors to which the AML law applies.
- Staffing
Currently, there are five staffs in the FIU who work under the direct supervision of the Deputy Governor.
Confidentiality of information
The information handled by FIU staff are made available or shared only
among the FIU staff for the purpose of analysis. However, the FIU would
disseminate to the competent authorities (law-enforcement, prosecutors
etc), the results of the analysis made on the information received from
the reporting entities, for further investigation and prosecution.
Reporting Entities
a. Commercial Banks
i. Bank of Bhutan
ii. Bhutan National Bank
iii. Druk Punjab
iv. T Bank
v. Bhutan Development Bank Limited
b. Insurance
i. Royal Insurance Corporation of Bhutan
ii. Bhutan Insurance Limited
c. Pension Fund
i. National Pension and Provident Fund
d. Stock Exchange
i. Royal Securities Exchange of Bhutan Ltd
e. Bhutan Post which conducts money transfers (Western Union) but is NOT regulated by RMA.
f. Authorized Money Changer
Currently there are 25 authorized money changer in Bhutan.
Contact Us
Financial Intelligence Unit
Royal Monetary Authority of Bhutan
Chhophel Lam,
Kawajangsa,
Thimphu, Bhutan
Tel: +975-2-323111
Fax: +975-2-322847
Email: fiu.bt@rma.org.bt