Bangladesh has empowered the Central Intelligence Cell (CIC) with the authority to investigate tax-related trade-based financial crime.
The CIC is part of the country’s National Board of Revenue (NBR) and will focus mainly on domestic money laundering cases.
The CIC is empowered to investigate trade-based financial crime under the provisions of the Money Laundering Prevention (Amendment) Act, 2015 (MLPAA).
The CIC investigates income tax, customs and VAT related tax evasion cases and has been ordered by the NBR to start work on investigations immediately.
The cell is expected to work alongside the Customs Intelligence and Investigation Directorate, which is already investigating suspected businesses and individuals for evasion of customs payments through trade-based money laundering in import and export transactions.
The MLPAA empowered NBR to investigate money-laundering cases because these routinely involve large amounts of tax revenue. The CIC will be able to file cases against individuals involved in money laundering.
Previously, only Bangladesh’s Anti-Corruption Commission (ACC) was authorised to investigate and file cases involving tax-related suspected money laundering offences.
Categories: Trade Based Financial crimes News