Money laundered: Tk 1,294cr confiscated since FY2017


The Bangladesh Financial Intelligence Unit (BFIU) has confiscated Tk 1,294 crore from money launderers since fiscal year 2016-17 as per court orders, the agency said yesterday.

A total of 46 court cases were involved in the confiscation process.

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In addition, Taka 1,330 crore has been seized since FY 2016 from entities and individuals allegedly involved in money laundering.

Kamal Hossain, Additional Director of BFIU, disclosed the information while sharing the organization’s initiatives to combat money laundering during a seminar at the International Convention City Bashundhara in Dhaka.

The BFIU, the national organization dedicated to the prevention of money laundering and the financing of terrorism, organized the event on the occasion of its 20th anniversary.

Speaking at the ceremony, Fazle Kabir, Governor of Bangladesh Bank, said bankers have a greater role in combating money laundering and terrorist financing.

Bankers have a bigger role to play in the fight against money laundering and terrorist financing, said Fazle Kabir, Governor of Bangladesh Bank

The government has adopted a zero tolerance policy against terrorism, he said, urging banks to comply with rules and regulations to effectively combat money laundering.

Sheikh Mohammad Salim Ullah, Secretary of the Financial Institutions Division of the Ministry of Finance, said bankers should exert all efforts to combat money laundering.

Selim RF Hussain, chairman of the Bangladesh Bankers Association, a platform for chief executives of banks, said the BFIU has helped raise awareness against money laundering.

Fazle Kabir also referred to the continued rise in inflation and currency pressure in the financial sector.

The country’s foreign exchange reserves now stand at $41.5 billion, which is sufficient given the current import trend.

According to the global standard, a country must guarantee a reserve of US greenbacks that can settle import payments for at least three months, Kabir said.

“Bangladesh will need $21.5 billion to settle import payments over the next three months, so the country is in a comfort zone. complacency.”

Md Masud Biswas, Head of BFIU, chaired the meeting.

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