Various financial crimes have flourished by exploiting digital banking and payment facilities and crimes like illegal online gambling, gaming, betting, forex and crypto trading are boosting money laundering, says Bangladesh Bank.
It reminds that the government has zero tolerance stances against hundi, online gambling, gaming, betting, forex and crypto trading. Bangladesh Financial Intelligence Unit (BFIU) of the central bank is constantly providing intelligence on this matter to the law enforcement agencies and also identified related websites, apps, Facebook pages and YouTube links and forwarded them to the law enforcement and regulatory agencies for necessary action.
Recently, all concerned ministries have been also requested to take necessary measures to stop online betting and gambling advertisements on television channels.
The use of digital payments and smart payments has increased in the financial sector, which is benefiting the whole of Bangladesh. However, along with the benefits and prosperity, abuse of these banking and payment systems has also increased, BB said in a press release.
Illegal transactions through these crimes have increased exponentially in recent times. By exploiting the digital payment system, these crimes are simplifying and speeding up the hundi process. As a result, money laundering is increasing and the country's economy is suffering. The country is losing a lot of foreign exchange, it said.
The BFIU has held a meeting with its chief Md. Masud Biswas over the issues on Thursday. Bangladesh Telecommunication Regulatory Commission, CID and Special Branch of Bangladesh Police, Transnational and Cyber Crime Division of Dhaka Metropolitan Police and representatives of intelligence and private sector, were present at the meeting.
In the meeting, the BFIU informed them about the current situation and emphasized on the joint work of all the organisations and called for the coordination of the work of the related organizations and strict legal action against those involved.
During the meeting, the BFIU provided an update on the prevailing circumstances and underscored the collaborative efforts expected from all entities. They stressed the need for synchronized actions among the relevant organizations and advocated for stringent legal measures against any implicated parties.
BFIU will provide necessary assistance with information and intelligence in this regard, Masud added.
