News Desk,
bdnews24.com
Published: 08 Jan 2021 04:23 PM BdST
Updated: 08 Jan 2021 06:27 PM BdST
It is a curious case of “layering” in financial crimes. Suspicious funds taken by an account holder are spread out throughout the financial system: banks, other financial institutions and the capital market. Layering masks the source of the money through a series of transactions and bookkeeping tricks. In the final step, the laundered money is withdrawn from the legitimate account to be used for whatever purposes the criminals have in mind for it. );
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A financial institution in Bangladesh disbursed a huge amount of loans to several companies owned by an unnamed man. A report by the Bangladesh Financial Intelligence Unit (BFIU) revealed that the financial institution issued cheques, to disburse loans, not only to the borrower companies but also to various fictitious accounts held with banks. BFIU named the lender as “AB Finance Ltd” for illustrative purposes.
While Bangladesh s economy has grown, the Swiss coffers of the super wealthy have easily outpaced and inevitably outgrown that growth. Between 2004 and 2019, the compounded annual growth rate of Bangladesh s real GDP was 10.78 percent (current USD rate). During the corresponding period, deposits to Swiss bank accounts from Bangladesh increased from Tk 3.65 billion in 2004 to Tk 53.67 billion during 2019. Given the constant reports of the financial shenanigans of the influence-mongers, one can t help but wonder how much of it has gone through legal channels.
And people from every sphere of the sociopolitical spectrum seem to have a hand in it: from politicians and government officials to prominent industrialists and small scale operators all have significant involvement in one of the most widespread financial crimes that is money laundering. And of course, there are the more recognised criminals: drug traffickers, human traffickers, terrorists and the likes thereof.
Staff Correspondent,
bdnews24.com File Photo
The ACC’s failure to identify and act against those who have laundered money from Bangladesh in Canada and other countries has peeved the High Court. );
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The bench of Justice Md Nazrul Islam Talukder and Justice Ahmed Sohel spoke after the Anti-Corruption Commission submitted a report on Thursday following a previous order based on media reports and Foreign Minister AK Abdul Momen’s comments on money laundering.
The government has found some initial evidence that four politicians, a larger number of government officials, and several businessmen have washed their dirty money clean in Canada, the minister said at a programme on Nov 18.
UNBDhaka
Published: 17 Dec 2020, 09:01
Speakers in a workshop organised by bKash reiterated the importance of effective implementation of regulations on Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) for sustainable growth of the fast-growing mobile financial services (MFS) sector.
Abu Hena Mohammad Razee Hassan, head of Bangladesh Financial Intelligence Unit (BFIU) was present as the chief guest at the workshop titled âEssence of AML&CFT Compliance for Sustainable Growth of MFS Sectorâ organised by bKash in collaboration with BFIU and Bangladesh Bank, said a press release.
Major general Sheikh Md Monirul Islam (retd), chief external and corporate affairs officer (CECAO) and chief anti-money laundering and compliance officer (CAMLCO) of bKash, in his key note presentation, highlighted the actions which have been taken by bKash to comply with the regulations stipulated in the AML&CFT law.