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The Bangladesh Bank decided to establish a research cell to examine the efficiency of the country’s anti-money laundering mechanisms and measures to recover illegal funds under the direction of the Bangladesh Financial Intelligence Unit (BFIU).
Sources claim that the central bank’s governor has already given his approval.
According to the central bank, the nine-person cell will operate under the supervision of the BFIU, and the research cell will be led by an additional director.
Masud Biswas, head of the BFIU said: “Research work was already being conducted by a certain department. Now, a dedicated cell will do research on preventing money laundering. They will review the experience that countries around the world have had in their efforts to bring back laundered money.”
An insider claims that differences between the prices of commodities were discovered when the data on letters of credit for imports and exports completed before July were examined. While some dealers overstated import numbers, others did the exact opposite.
They are absolutely certain that this under and over-invoicing of import and export has resulted in the laundering of a sizable sum of money. Even the BFIU expresses worry regarding this kind of money laundering.
The rest of the money was funnelled through hundi, an illegal channel for making cross-border transactions.
(DT)
