Bangladesh to strengthen inter-agency information exchange network to curb trade-based money laundering

Bangladesh is to increase its efforts to curb trade-based money laundering (TBML) and illegal fund transfers under a memorandum of understanding (MoU) between the National Board of Revenue (NBR) and the Bangladesh Financial Intelligence Unit (BFIU).

The BFIU is the central agency responsible for analysing suspicious transactions and information related to money laundering and terrorist financing while the NBR is Bangladesh’s central authority for tax administration.

The Customs Intelligence and Investigation Directorate (CIID) will also participate in an improved system envisaged in the MoU for inter-agency information exchanges.

Information exchange

According to NBR chairman Mohammed Bhuiyan the agreement aims to facilitate exchange of information related to money laundering.

“If necessary, we will hire consultants or contact other agencies through the BFIU to find ways to bring back the money,” he says.

Defined protocols

Director general of CIID, Moinul Khan, says the MoU will define protocols for information exchanges that will enable TBML and illegal fund transfer investigations and prosecutions to be more evidence-based.

The NBR is also planning to digitise its operations at ports with a national single window so that trade-related documents can be examined and processed faster.



Categories: Trade Based Financial crimes News