Bangladesh reveals new AML and CFT strategy

A Bangladeshi government committee has approved a strategy for anti-money laundering (AML) and combating financing of terrorism (CFT) for 2015-2017.

The strategy from the National Coordination Committee on AML and CFT aims to reaffirm the government’s commitment to further strengthen the national effort to stem money laundering and terrorist financing.

Strategies and objectives
The objectives of the strategy provide comprehensive medium-term goals and present an agenda for capacity building in agencies and other entities tasked with implementing the provisions of applicable UN conventions and protocols and Financial Action Task Force standards.

The paper consists of eleven strategies to meet eleven specific objectives.

Trade focus
The new strategy specifically contemplates trade-based money laundering.

It also contemplates modernising border control mechanisms to prevent the smuggling of gold and drugs as well as human trafficking and other transnational organised crimes and their financing.

The legislation also calls for the government to regularly update Bangladesh’s national risk assessment and introduce a risk-based approach to monitoring and supervision of all reporting organisations.



Categories: Trade Based Financial crimes News

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