Bangladesh sees rise in suspected money laundering, terror financing

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: 2015-01-05 23:19:11.0

The bank’s Bangladesh Financial Intelligence Unit (BFIU) said in a report published on Monday they received information of 619 suspicious transactions from ‘reporting agencies’ in the 2013-14 FY.

The number was 47 percent higher than 420 of the previous FY.

Bangladesh Bank Governor Atiur Rahman unveiled the report at the bank’s conference room around noon.

BFIU Deputy Head M Mahfuzur Rahman told bdnews24.com: “The number and efficiency of reporting agencies have increased. Awareness of the people has also grown. That’s why a greater number of suspected transactions has come to light.”

Law requires banks and other reporting agencies to bring it to the notice of the BFIU if they suspect any transaction to be linked to money laundering or terror financing.

Banks, non-banking financial institutions, insurance and microcredit agencies, money changers, remittance-dealing firms, non-profit organisations, gold traders and several other types of firms act as reporting agencies.

Source http://bdnews24.com/business/2015/01/05/bangladesh-sees-rise-in-suspected-money-laundering-terror-financing

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