• Tuesday, Jun 25, 2019
  • Last Update : 09:14 am

Highest suspicious transactions through digital hundi

  • Published at 09:29 pm May 18th, 2019
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According to the report, in 2017-18 fiscal, reporting organizations have reported 5,422 suspicious transactions worth Tk921.75 crore

Suspicious transactions and activities increased by 64.5% in the fiscal 2017-18, compare to the previous fiscal year. 

The highest suspicious transactions and activities are through digital hundi, according to the Bangladesh Financial Intelligence Unit (BFIU) (2017-18) annual report.

According to the report, in 2017-18 fiscal, reporting organizations have reported 5,422 suspicious transactions worth Tk921.75 crore. The number of reported suspicious transactions was 3,736 (value Tk1,163 crore ) last year. 

In fiscal (2017-18) year, BFIU disseminated a total of 677 STRs and SARs to different investigations and law enforcement agencies in contrast to 121 last year. Of the total 677 STRs and SARs, 609 are digital hundi.

“Awareness increased among all organizations. That is why they are sending timely reports. BFIU examines these reports by examining quality standards,” said BFIU chief Abu Hena Mohd Razee Hassan.

The investigation agencies have so far filed 27 cases with the courts after carrying out detailed investigations based on the reports disseminated by the BFIU. Of the cases, 20 are under the Money Laundering Prevention Act 2012 and the rest under the Anti-terrorism Act, 2009.

The BFIU unearthed some sensitive cases last year: it discovered that some unscrupulous individuals and entities laundered money through under-invoicing in the name of import. Besides, it also discovered some Yabba dealers involving in money laundering. 

According to the report, in Fy2017-18, BFIU received 553 complaints and requests for information exchange of which 40.86% and 33.63% were respectively from Bangladesh police and Anti-corruption Commission. The number of complaints and requests for information exchange increased by 83.7% as compared to that of Fy2016-2017.