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Anti-money laundering team to arrive in November

  • Published at 08:18 pm June 23rd, 2014

A team of the Asia Pacific Group (APG) on Money Laundering will visit Dhaka at the end of November this year to oversee execution of 40 APG recommendations including upgrading anti-money laundering and terrorist financing law.

The group under the Paris-based Financial Action Task Force (FATF) outlined the recommendations including 11 for immediate implementation in February when Bangladesh was excluded from FATF grey list.

The exclusion was a recognition to the progress Bangladesh made against the money-laundering and terrorist financing.

FATF is an anti-money laundering international campaign organisation strictly monitoring the governments’ anti-money laundering activities imposing time-bound conditions.

APG is a regional organisation of the Asia-Pacific region under FATF for cooperation in development among the member states and preventing money laundering and terrorist financing. Besides, a FATF team will also arrive in Bangladesh in January 2015 to see the progress in the implementation of the Mutual Evaluation law.

The team will submit report on the visit to the FATF authority.

Under the Mutual Evaluation law, the two countries will exchange money laundering information and the persons involved in the crime.

The government will have to look into the nine issues under the FATF for prevention of the money laundering activities.

They include evaluation of existing legal review, anti-money laundering law, investigation and judicial process, terrorist financing law, investigation and judicial process, implementation of UN resolution, international cooperation and mutual legal assistance, supervision and monitoring, NGO-related matters, cross border issues and matter related with formation of companies and beneficiary owners.

Recently, Bank and Financial Institutions Division Secretary M Aslam Alam expressed concerns over the possibility of money laundering in the share market.

He came up with the concerns at a post-budget meeting between Finance Minister AMA Muhith and the stock exchanges at the secretariat.

He said they had worked hard for five years to pull the country out of the FATF grey list and was successful in February. Aslam Alam said the FATF advised the stock exchanges to look into the suspected transactions and know the details about clients.

Bangladesh’s coming out of the FATF grey list means there would be a great reduction in the cost and time of financial transactions with the rest of the world which would benefit businessmen in the country.

The FATF plenary meeting held in French capital Paris in February gave unanimous recognition to Bangladesh’s actions for preventing money laundering and terrorist financing as reaching international standards.