Bangladesh is actively monitoring a dozen firms for money laundering using trade misinvoicing according to a senior customs official.

The National Board of Revenue (NBR) reckons around US$29.5 million of money has been laundered just by these firms.

TBML focus

Director general of the Customs Intelligence and Investigation Directorate under the NBR, Md Nojibur Rahman, said “we have quite a lot of information. We have got elements of money laundering and we will investigate the cases.”

Speaking at a two-day workshop on countering trade-based money laundering (TBML), Khan said that one of the firms had sent 298 export containers but did not log in any proceeds from the shipments.

Transfer mispricing

The NBR is now actively working to curb illicit fund flows according to its chairman, Md Nojibur Rahman.

“We have recently engaged the customs and VAT departments to check transfer mispricing along with income tax. Many have become scared when we said that the NBR will make tax-compliance profiles of large companies,” he told the workshop.

Bangladesh recently introduced the Money Laundering Prevention (Amendment) Act 2015, which empowers customs officials to investigate allegations of money laundering and prosecute the offenders.

Categories: Trade Based Financial crimes News