BAJUS ready to support BB, NBR to stop gold smuggling

Bangladesh Jewelers’ Association (BAJUS) has showed keen interest to support Bangladesh Bank (BB) and National Board of Revenue (NBR) in their endeavors to prevent gold smuggling and money laundering.

The association asked for a strict law by amending the current one (if necessary) to stop gold smuggling and money laundering.

It urged BB and NBR to form a joint monitoring cell including BAJUS to identify goal smugglers.

Given the current challenges of the gold industry amid continuous gold smuggling and volatile dollar market, two different letters signed by BAJUS President Sayem Sobhan Anvir were sent to the Governor of Bangladesh Bank Abdur Rouf Talukder and the Chairman of NBR Abu Hena Rahmatul Muneem.

In the letter it asked BB and NBR to conduct a joint survey involving BAJUS to determine the detrimental effects of gold smuggling and money laundering by misusing the baggage rule. The letter reads: “Smuggling of gold is not only encouraging corruption but also deepening the economic crisis of the country.”

Gold ornaments and bars worth at least around Tk200 crore are being smuggled into the country everyday through water, land and air routes at the cost of hard-earned foreign currency of the expatriates. The smuggling of gold causes money laundering of Tk73, 000 crore annually, the letter adds.

The gold industry has already received several offers from foreign investors. The sector is going ahead with its plan to export ornaments.

The BAJUS President, under the circumstances, forwarded the following proposals to check gold smuggling and money laundering and to rejuvenate the country’s burgeoning jewelry industry.  

The measures against gold smuggling and money laundering will be accelerated if the proposals are implemented. The wastage of foreign currency of the country will come down, he also hoped.