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বাংলা
Dhaka Tribune

Staying vigilant against financial impropriety

Unless we stay vigilant against any forms of fraudulence, it will become that much harder for our economy to reach its full potential

Update : 22 Feb 2024, 09:08 AM

Bangladesh is currently at an incredibly critical point of its overall growth trajectory -- the nation is on the verge of graduating to developing status, our urban infrastructure is expanding at a breakneck speed, all the while grappling with persistent levels of inflation. To say that any levels of financial impropriety can utterly jeopardize our long-term growth prospects would not be an overstatement.

Remittance from our hard-working overseas workers has been one of the cornerstones in keeping our economy afloat as it is, which is why recent reports of a drastic uptick in the number of suspicious transactions and activity in banks is such a point of concern.

According to a recent report from the Bangladesh Financial Intelligence Unit (BFIU), suspicious transaction reports (STR) and suspicious activity reports (SAR) in Bangladesh increased by 64.58% in FY23. The BFIU received a total of 14,106 STRs and SARs from relevant agencies during FY23, for context that same figure stood at 8,571 in the previous fiscal. The same report also said that suspicious financial transactions have increased by 294.79% in five years and 90% of them are in the banking sector. 

This is not something that our financial agencies can take lightly.

Ever since the Bangladesh Bank heist in 2016, the threat of financial crime has loomed large on our economy. While the above numbers don’t necessarily point to money laundering, the fact that so many reports are being filed is still an indication of potential impropriety. It is good to know, then, that our financial intelligence agencies are on top when it comes to monitoring potential fraudulence, but it is still important for these agencies to be transparent about the number of confirmed fraudulence on the same breath.

At the end of the day, unless we stay vigilant against any forms of fraudulence, it will become that much harder for our economy to reach its full potential.

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