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The number of reports on suspicious transactions and activities related to money laundering and terror financing rose by 43.67 per cent year-on-year in the fiscal year 2020-2021 amid an increase in fraudulent activities in the areas of e-commerce and multi-level marketing.
The data on suspicious transactions and activities were incorporated in the annual report of the Bangladesh Financial Intelligence Unit.
The anti-money laundering agency released the annual report 2020-2021 in a views exchange meeting with reporters at the Bangladesh Bank head office in the capital, Dhaka, on Tuesday.
BFIU head Md Masud Biswas was chief guest in the meeting while BFIU deputy general manager Kamal Hossain presented the annual report in the meeting.
BFIU general manager ABM Zahurul Huda and other officials of the government agency were present in the meeting.
The BFIU received 5,280 suspicious transaction reports (STR) and suspicious activity reports (SAR) in the fiscal year 2020-2021 against the receiving of 3,675 reports in the fiscal year 2019-2020.
Of the total STR and SAR, 2,696 were STR and 2,584 were SAR in FY21.
The rising trend in STR and SAR does not mean that the suspicious transactions and activities increased sharply rather the reporting on such incidences rose due to an increased awareness and capacity among reporting organisations like banks, insurance companies and other organisations, Masud said.
Replaying to a question, BFIU deputy general manager Kamal Hossain said that money laundering was taking place in the country and the BFIU had information of some cases of money laundering.
He, however, said that the cases could not be disclosed.
Masud said that the country’s electronic and print media were playing a major role in helping the BFIU to combat money laundering, terror financing and proliferation financing.
Suspicious transactions and activities are increasing owing to increased fraudulent activities in e-commerce and MLM business, as per the BFIU yearly report.
The report said that capacity development and increased awareness of the reporting organisations were the other reasons for the rise in suspicious transaction and activity reports.
The majority of STR and SAR received from the banking sector.
The BFIU received 4,495 STR and SAR from the banking sector.
Money remitters were the second highest reporting source as they lodged 670 STR and SAR with the BFIU in FY21.
After the Covid outbreak, the number and volume of cash transaction decreased in FY20.
As the Covid situation improved in FY21, the number and volume of cash transactions increased significantly.
(NA)
