Home ministry and Anti-Corruption Commission have remained at loggerheads on police involvement with the investigation and trial process of anti-money laundering cases.
The proposed amendment to the anti-money laundering law 2012 asks for law enforcers’ involvement in the work along with the graft body officials. But the ACC is opposed to such move.
Such disagreement is causing delays to dissolving anti-money laundering cases.
Besides, the government has also international pressure to amend the present law to maintain international standard.
In these circumstances, the issue was discussed at a meeting yesterday, presided over by the bank and financial institutions division secretary M Aslam Alam.
After the meeting he told Dhaka Tribune: “As the matter is unresolved, the trials of cases under anti-money laundering law are delayed. To find a solution (of this stalemate), we have listened to both parties in the meeting.”
M Aslam Alam said the opinions given by the parties on the matter will be placed to the coordination council of anti-money laundering committee headed by Finance Minister AMA Muhith.
Earlier, the division stepped to make changes to at least four clauses of the law despite opposition from the ACC.
Currently, the anti-graft body has the sole authority to conduct investigation and trial of an offence under the anti-money laundering law.
In support of the proposed changes, the logic was that the ACC lacked skilled manpower in dealing with the cases.
But the ACC officials ruled out such “lack of manpower” and said the body’s performance in dealing with cases was satisfactory.
Since 2009, the anti-graft body inquired 285 cases on money laundering. Of them, 254 cases were filed and charge sheets were given in 112 cases.
The court settled three cases and the ACC won in all of them. The ACC confiscated 1,011 bank accounts found linked with money laundering while the frozen accounts had around Tk289 crore.
On August 6, the parliamentary standing committee on ministry of finance came up with some suggestions to have a stronger anti-graft body which can better deal with money laundering.
A good number of cases relating to cash transactions and suspicious transactions are currently under the central bank monitoring.
The central bank has the power to take fines from the banks and financial institutions for violation of the law.
The rate of penalty might be proposed for amendment, said the official sources.
The Anti-money Laundering Act, 2012 was passed in the Parliament in February 2012.
Financial Action Task Force and Asia Pacific Group, two international anti-money laundering watchdogs, keep putting pressure on the Bangladesh government to amend the anti-money laundering law, which they said will elevate the law to international standard.
Earlier in 2012, a working group was formed with then bank and financial institutions division secretary Shafiqur Rahman Patwary at the helm. The group was tasked with identifying the shortcomings and loopholes in the money laundering law.
Representatives from the home, law and foreign affairs ministries and the ACC were also included in the high-level working group.