Bangladesh Financial Intelligence Unit (BFIU) has become the member of Egmont Group, an international organisation formed with the Financial Intelligence Units (FIUs) of different countries, gaining strength to fight against financial corruption.
Bangladesh Bank Governor Dr Atiur Rahman disclosed the information at a press conference at the bank’s headquarters in Dhaka yesterday.
“We obtained the membership on July 3 which came at an Annual General Meeting (AGM) of Egmont Group amid consent of all countries those included in the group,” he said.
Bangladesh Bank’s Senior Adviser Allah Malik Kazmi, Deputy Governors M Abul Quasem and Nazneen Sultana and Executive Director M Mahfuzur Rahman were, among others, present.
All kinds of international financial crime such as money laundering, terrorism financing and siphoning off money abroad would now be dealt with the help of the group as its member.
It will be easy to exchange information among 132 member countries and it would also keep significant role to prevent money laundering, terrorism financing and smuggling out money abroad. It would also facilitate bringing back the siphoned off money.
It will also help stop internal money laundering cases like Hall-Mark, Bismillah Group and other loan related scams.
Bangladesh had applied for the membership of Egmont Group in 2008 while Malaysia and Thailand worked as sponsor country required to achieving it. To obtain the membership, it took time due to the delays in amending the country’s money laundering and terrorism financing prevention laws.
The governor said previously many countries did not share information with Bangladesh regarding financial crime as the country was not a member. Now the problem will end and many countries will be agreed to sign MOU with Bangladesh.
