Bangladesh Financial Intelligence Unit to form committee against trade-based money laundering

The Bangladesh Financial Intelligence Unit (BFIU) has decided to form an inter-agency steering committee under a public-private partnership (PPP) model to combat trade-based money laundering (TBML). The initiative aims to strengthen coordination between government and private sectors to identify risks, enhance information exchange, and improve investigative cooperation.

A meeting held on Sunday included representatives from various key institutions, including Bangladesh Bank, the National Board of Revenue (NBR), the Customs Intelligence and Investigation Directorate (CIID), and several customs houses such as Dhaka, Benapole, ICD Kamalapur, and Mongla. Also in attendance were officials from the Bangladesh Police Criminal Investigation Department (CID), the Anti-Corruption Commission (ACC), and representatives from 15 selected scheduled banks.

Participants noted that the methods and techniques used in trade-based money laundering are becoming increasingly complex and evolving. The newly formed committee will be tasked with reviewing existing risks and challenges, evaluating the progress of current measures, and determining future strategies to strengthen the country's financial security against these crimes.