The National Council has asked the Office of the Attorney General to Draft a Bill on the ownership of Assets and Accounts held by Bhutanese abroad.
The bill should be drafted in consultation with the Royal Monetary Authority.
The National Council, in its previous session, recommended the government come up with a law on ownership of assets and accounts held by Bhutanese abroad.
However, the government responded saying they lack capacity to draft such laws.
“There have been rules and regulations in the past but they were either not applied or were strict enough. So, considering the need, after deliberation in the house, we submitted the proposal to the government to enact new act in the previous session,” said Dagana’s NC MP, Sonam Dorji.
National Council’s Chairperson, Dasho Sonam Kinga said rules and regulations alone is not enough to effectively manage and monitor Bhutanese citizens’ wealth overseas. “The present time demands an act for effective monitoring”
The Bill to be drafted is to enhance transparency, curb corruption and prevent tax evasion. It is also to facilitate legitimate business transactions.
OAG will have draft bill and present it during the 19th session of the National Council as recommended by the National Council.
