Bangladesh establishes TBML-focused team of experts

Bangladesh has established a team of experts to focus specifically on trade-based money laundering (TBML).

The team will initially research aspects of TBML, after which the Anti-Corruption Commission (ACC) will decide on a series of anti-TBML measures.

Raising concerns

The establishment of the team was announced at a recent ACC meeting during which its chairman called for effective steps to be taken to curb what he sees as the growing TBML threat.

Iqbal Mahmood told the commission meeting in Dhaka that, “money laundering, especially trade-based, is a big threat to the national economy.”

Co-operation callsMahmood says he is intent on establishing an environment in which the country’s customs and tax authorities, the central bank and the ACC can work together to curb money laundering.During the meeting, ACC commissioner Nasiruddin Ahmed said a high-level research team has been formed to research TBML.

TBML team

Ahmed says he will lead the TBML team, whose members will also include the director general of ACC’s money laundering cell, Atiqur Rahman, along with top anti-money laundering officials from the National Revenue Board, Customs Intelligence and Bangladesh Bank’s Financial Intelligence Unit.

After receiving information from the research team, the ACC chairman said strong and coordinated actions will be taken to prevent and control TBML.



Categories: Trade Based Financial crimes News