BB asks banks to track export shipments

The Bangladesh Bank on Wednesday asked banks to track shipments of exported goods to stop trade-based money laundering.

Banks have to hire experienced third-party operators to track shipments, the central bank said in a notice. It said shipment tracking charges are reimbursable as per the existing regulations.

Banks were advised to establish a tracking system as per the Infrastructure Level Risk Assessment of Guidelines for Prevention of Trade Based Money Laundering issued by the Bangladesh Financial Intelligence Unit (BFIU).

Shipment tracking had become mandatory under the BFIU guidelines to prevent trade-based money laundering, said a high official of a private bank.