Bangladeshi customs file largest ever TBML case

Bangladesh’s Customs Intelligence and Investigations Directorate (CIID) has filed a case against seven suspects on charges related to trade-based money laundering (TBML) of some US$13 million.

The suspects allegedly imported alcohol, cigarettes and various consumer goods using fake documents and addresses.

False declarations

In what is reportedly Bangladesh’s largest TBML case so far, the suspects submitted documents that declared imported goods as capital equipment that is subject to low rates of duty.

In reality, the imported goods from China should have carried very high rates of duty and taxes.

Final shipment

The suspects had planned to import goods in 90 containers shipped to firms that turned out to be non-existent.

They succeeded in bringing 78 containers into Bangladesh but CIID officers intercepted the final dozen.

Duty evasion

The officers found more than 16,000 bottles of alcohol, nearly 200,000 cigarettes and over 4,000 television sets.

Import duty of 600 per cent is levied on alcohol, 500 per cent on cigarettes and 190 per cent on televisions.

The importer claimed the containers held capital equipment for use in manufacturing poultry feed subject to import duty of just one per cent.



Categories: Trade Based Financial crimes News