Bangladesh Financial Intelligence Unit (BFIU) has issued a circular providing guidelines for banks to establish structures and processes for preventing and reporting trade-based money laundering (TBML).

Regarding Guidelines for Prevention of Trade Based Money Laundering has also ordered banks to prepare internal TBML guidelines and submit their plans to BFIU by 10 March 2020.

The circular has also ordered all banks to establish structures and implement processes to counter TBML by June 2020.

BFIU committee

The circular from BFIU, which is a unit of Bangladesh Bank, says suspected TBML must be investigated as “top priority”, and banks must establish a special unit to investigate suspected TBML cases.

The BFIU meanwhile has established a nine-member committee, led by a deputy general manager, to investigate suspected TBML cases.

The unit will focus particularly on cases of capital flight being facilitated through overseas trade.

Suspicious transactions

If any suspicious transaction is found at a bank it must be reported to the BFIU.

The committee will then analyse relevant export and import data and visit the bank that reported the suspicious transaction.

BFIU Circular No. 24: Regarding Guidelines for Prevention of Trade Based Money Laundering can be found in Bengali here.

Categories: Trade Based Financial crimes News