The Corporate Regulatory Authority (CRA) has commenced a comprehensive legal and technical review of Bhutan’s Beneficial Ownership (BO) transparency framework in line with the AML/CFT Act of Bhutan and FATF Recommendation 24. To support this national initiative, the CRA, in collaboration with the World Bank and Open Ownership, convened a one-day National Stakeholders Training Workshop aimed at strengthening the practical understanding and application of BO data use across sectors.

The workshop deepened participants’ knowledge of Beneficial Ownership concepts, including identifying the natural persons who ultimately own or control companies, and the critical role of BO transparency in promoting good governance, combating illicit financial activities, and enhancing overall business integrity. Experts from Open Ownership and the World Bank delivered focused, interactive sessions on distinguishing legal ownership from beneficial ownership, assessing effective control, and ensuring an appropriate balance between transparency and privacy safeguards.

The event brought together more than 40 representatives from key regulatory bodies, financial institutions, and private-sector entities. Participating agencies included the Corporate Regulatory Authority, Anti-Corruption Commission, Royal Monetary Authority, Office of the Attorney General, Department of Revenue & Customs, Ministry of Foreign Affairs and External Trade, Civil Society Organizations Authority, and the Jigme Singye Wangchuck School of Law. Major financial institutions such as the Bank of Bhutan, Bhutan National Bank, and Royal Insurance Corporation of Bhutan were present, alongside private firms. Basnet Attorneys & Law was represented by its counsel Mr. Kinley Rinzin Thinley as a part of its ongoing commitment to strengthening regulatory compliance, corporate transparency, and anti-financial-crime standards in Bhutan.