Bangladesh has achieved recognition from the Financial Action Taskforce (FATF), a Paris-based international organisation, for the country’s actions to combat money laundering and terror financing.
Finance Minister AMA Muhith made the disclosure at a press conference at his office on Monday afternoon.
Bangladesh has successfully come out from the grey list of FATF at its meeting held in Paris on Friday as “the country made significant progress in its drives against money laundering and combating terror financing” in the past five years.
Earlier, the FATF listed Bangladesh under the category of "grey" in 2008 after it found major deficiencies in Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) drives.
"The FATF welcomes Bangladesh's significant progress in improving its AML/CFT regime and notes that Bangladesh has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in October 2010," the organisation said after the Friday's meeting,
It announced that Bangladesh is therefore no longer subject to FATF's monitoring process under its ongoing global AML/CFT compliance process and the country would work with Asia Pacific Group (APG) as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.
FATF is an inter-governmental body which works for developing and promoting policies to combat money laundering and terrorist financing.
