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    Bangladesh Law Enforcement Agencies Not Bringing Money Launderers to Book, Finance Intelligence Boss Tells Court

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    Bangladesh Law Enforcement Agencies Not Bringing Money Launderers to Book, Finance Intelligence Boss Tells Court

    Bangladesh’s financial intelligence boss told the court that little has come out of 983 intelligence reports his office shared with the country’s anti-corruption commission way back in 2017.

    The head of Bangladesh’s financial intelligence unit (BFIU) submitted a statement to the Dhaka High Court on Wednesday detailing the money deposited by Bangladeshi individuals and organisations to Swiss banks.

    The BFIU boss said that 983 intelligence reports had been submitted to the country’s anti-corruption commission way back in 2017, but little has come out of it. Similarly, the financial intelligence office had also shared the list of money launderers with the national board of revenue and other law enforcement agencies for taking action. All these correspondences have been sitting with the departments since 2017.

    He also told the court that the BFIU has made 644 requests to different international organizations seeking information about Bangladeshi money launderers and memorandums of understanding (MoUs) have been signed with 79 countries over the issues.

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    The BFIU sought information from the Switzerland Financial Intelligent Unit (SFIU) about 67 persons and entities since 2013 when the organisation got membership of Egmont Group on 14 August.

    The High Court bench asked the BFIU chief to form a research cell on the money laundering issue. It also directed him to submit a detailed report by October 26 on the steps taken to recover the money deposited by Bangladeshi individuals and entities to the banks of different countries.

    The court said, “Issuing letters to different organizations and the countries is not enough for recovering the laundered money. You have to monitor it regularly. Do something and show the people. Money laundering has to be reduced at any cost.”

    The court asked the BFIU chief to read up an order of the Indian Supreme Court on money laundering.

     

    Image: Hippopx, licensed to use under Creative Commons Zero – CC0

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