Dhaka Bureau: Bangladesh Bank has set up a research cell to determine how effective the money laundering prevention system of the country is, how to stop money laundering and what to do to recover the money. The 9-member cell will be run under the Bangladesh Financial Intelligence Unit (BFIU), a financial sector intelligence agency.
Governor Abdur Rauf Talukdar has given approval to start the operation of the cell on December 5 with special instructions.
According to BFIU sources, the research work was already done under a department. Now a dedicated cell will carry out research to prevent money laundering. The experience of different countries of the world to bring back the money laundered will be reviewed. The Research Cell will be headed by an Additional Director.
Although BFIU is responsible for preventing money laundering, the organization does not disclose the official data of how much money is being laundered from Bangladesh every year. The information received from international media and organizations is being disseminated in the media of the country.
A jump in imports last fiscal year has put pressure on Bangladesh’s foreign exchange reserves, which are being prolonged by the Ukraine-Russia war.
BFIU chief Masood Biswas said during the publication of the annual report for the fiscal year 2020-2021 last October that products are being imported at prices that are higher than 20 to 200 percent. Masood Biswas replied to the question about which means the most money is laundered, saying that ‘the most’ is laundered under the guise of foreign trade.
The Governor of Bangladesh Bank has said several times that he has also seen the increase and decrease in the price of goods in the analysis of LC data of import-export completed before last July. They are of the opinion that 20 to 200 percent higher rates of goods have been imported through the bank.
Again the products have been imported by showing lower prices. Abdur Rauf Talukdar said that the rest of the money was transacted through Hundi, and he also said that 100 LCs have been closed since taking over as the Governor of the Central Bank in July.
