MOU Signing between Anti-Money Laundering Office and the Financial Intelligence Department, Royal Monetary Authority of Bhutan, Kingdom of Bhutan

           On 29 March 2021, Police Major General Piyapun Pingmuang, Acting Secretary-General of Anti-Money Laundering Board co-signed the Memorandum of Understanding concerning Co-operation in the Exchange of Financial Intelligence related to Money Laundering with the financial intelligence unit of the Kingdom of Bhutan. This exchange of signed copies was done via postal service. Mrs. Ugyen Choden, Director of Financial Intelligence Department, Royal Monetary Authority, represented the Kingdom of Bhutan in the signing. The purpose of this MOU is to exchange financial transaction information of natural or legal persons in relation to money laundering between the Anti-Money Laundering Office and the Kingdom of Bhutan. The MOU came into force from 29 March 2021 onwards.

            Police Major General Piyapun Pingmuang, Acting Secretary-General of Anti-Money Laundering Board, said the government was aware of the importance in the prevention and suppression of transnational crimes which is increasing in magnitude. Especially during this COVID-19 pandemic, more transnational fraud and cybercrime cases were found. The government imposed a policy on relevant agencies to expedite their action toward the problems and gaining public and global confidence of Thai government’s commitment on the fight against transnational crimes. The AMLO as Thailand’s financial intelligence unit takes actions under the anti-money laundering law to break the criminal cycle and to closely cooperate with the global network of financial intelligence units (The Egmont Group of Financial Intelligence Units: Egmont Group) which is a network of 165 jurisdictions across all continents. Thailand became a member of the Egmont Group since 2001. The purpose of this network is to promote anti-money laundering cooperation through the exchange of financial intelligence for investigative purposes and taking actions on the offenders to break the criminal cycle and their financial support because money is the key purpose in crime commission. This is the 51^st MOU that AMLO has signed with foreign FIUs.

           Since 2016, AMLO had seized and froze assets connected with crime commission in a total value over 47,469 million baht, where assets of foreign criminals account for approximately 800 million baht. Our commitment is to increasingly take actions against the offenders. Tips reporting or inquiry can be done via AMLO hotline 1710.