BFIU seizes Tk 13.3b in six years 

The Bangladesh Financial Intelligence Unit (BFIU) under the Bangladesh Bank says it has confiscated Tk 13.3 billion in 63 money laundering cases in the last six financial years.

During the first 10 months of the current fiscal year, it confiscated around Tk 8.67 billion in nine cases.

The figures were revealed at a seminar titled “20 Years of BFIU in Preventing Money Laundering and Terror Financing in Bangladesh” and held at the International Convention City, Bashundhara (ICCB) in the capital on Saturday.

Speakers at the programme said Bangladesh should boost inter-agency collaboration for a more effective investigation and prevention of money laundering.

They recommended an improvement in the relevant authorities’ capacity to investigate technology-based financial crimes.

Bangladesh Bank Governor Fazle Kabir addressed the event as the chief guest, while Association of Bankers, Bangladesh (ABB) Chairman Selim RF Hussain and Financial Institutions Division Secretary Sheikh Mohammad Salim Ullah spoke as special guests.

BFIU chief Md Masud Biswas presided over the programme.

The unit’s Additional Director Kamal Hossain gave a presentation on the BFIU’s activities, while Association of Anti-Money Laundering Compliance Officers of Banks in Bangladesh (AACOBB) Chairman Mohammad Ziaul Hasan Molla gave another presentation on AACOBB activities.

In his speech, the central bank governor urged the banks to be more compliant in terms of following rules and regulations to prevent money laundering, because the cost of non-compliance is heavier than being compliant.

Referring to recent floods in parts of the country, he requested bankers not to put pressure on clients in the flood-affected areas for repayment of loans, instead help them with refinance.

He also recommended that the BFIU consider the proposal of including cybercrime and gambling as predicate offenses under the money laundering act.

In the presentation, the unit’s Additional Director Kamal Hossain Kamal said in the last six financial years, the BFIU has confiscated a total of Tk 13.30 billion under 63 money laundering cases.

During the first 10 months of the current fiscal year, the intelligence unit – under the central bank – confiscated around Tk 8.67 billion under nine cases.

Meanwhile, ABB Chairman Selim RF Hussain said the use of technology should be increased to make the country’s banking industry more secure from digital fraud and cyber-attacks.

In the open discussion session, Anti-Corruption Commission (ACC) Director General (Money Laundering) Mahmudul Hossain Khan said the ACC and BFIU signed a MoU in October, 2016 to exchange information on matters related to money laundering. He however recommended an increased collaboration between the two state agencies for effective investigation against money launderers.

Special Superintendent of CID (Financial Crime Unit) Humayun Kabir urged the BFIU to simplify the process of MLAR (Mutual Legal Assistance Request) so that investigations against money launderers can be done swiftly.

He also recommended including gambling and cybercrimes as predicate offenses in the Money Laundering Prevention Act, 2012, as such crimes are often connected to money laundering.

Besides, he mentioned that CID has carried out investigations against 50 e-commerce platforms in the shortest possible time with the help of BFIU to file money laundering cases against nine companies. Meanwhile, City Bank Managing Director and CEO Mashrur Arefir stressed the need for increased surveillance on e-commerce and cross-border online transactions to spot potential money laundering.

Agrani Bank Managing Director Shamsul Islam, HSBC CEO Mahbubur Rahman, EXIM Bank Managing Director and CEO Haidar Ali Bhuinyan, among others also spoke at the programme.