Bangladesh has achieved global standard in combating money laundering and terror financing.
The Asia Pacific Group (APG) on money laundering gave the recognition after assessing Bangladesh’s efforts against money laundering and terror financing.
The APG came up with the recognition at its 19th annual general meeting held recently in the US.
Abu Hena Md Razi Hasan, Deputy Governor of Bnagladesh Bank (BB) disclosed the development through a media briefing at the BB’s headquarters in the capital on Wednesday.
Earlier, the APG sent a draft assessment of the country’s efforts against money laundering and terror financing based on 40 recommendations under the existing legal and institutional framework.
The latest assessment rated Bangladesh’s performance compliant in six areas, largely in 20 areas and partially in 14 areas.
While assessing 11 immediate outcome factors, it also gave Bangladesh the substantial rating in three areas, moderate in four areas and low to other four areas. Such ratings help Bangladesh to stand ahead to Norway, Sri Lanka, Fiji and Australia.
The APG meet praised Bangladesh’s drive against money laundering and combating terror financing, welcomed its progress in improving Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime and noted that Bangladesh has established the legal and regulatory framework to meet its commitments in action plan regarding the strategic deficiencies that the Financial Action Task Force (FATF) had identified in October 2010.
“The meeting presented a report lauding the rule of the present government for its strong commitments and effective initiatives in formulating rules and regulations and drive to fight against money laundering and terror financing,” said Razi Hasan.
Among the rules and regulations are: Money Laundering Prevention Act 2012, Mutual Legal Assistance on Criminal Matters Act 2012 and amendment to Anti-Terrorism Act 2009 to make it align with international standard.
The government also formed a national coordination committee to make policies and directive on anti-money laundering and combat financing of terrorism and established Bangladesh Financial Intelligence Unit (FIU) to facilitate exchange of information and intelligence to this end.
An agreement has also been signed with 16 FIUs besides obtaining the membership of the Egmont Group, a group of FIUs that meet regularly to collaborate in information exchange, training and expertise sharing.
