Money laundering, terror finance: Bangladesh complies with int’l standards
Bangladesh is now compliant with international standards in terms of anti‐money laundering and countering the financing of terrorism, which according to the central bank would reduce the cost of doing business.
“Bangladesh’s rating is better than countries like Norway, Sri Lanka and Fiji. To some extents, our position is better than developed countries like Australia,” Abu Hena Mohammad Razee Hassan, deputy governor of the Bangladesh Bank (BB), told reporters at a press conference at the central bank today.
Asia/Pacific Group on Money Laundering (APG), an autonomous and collaborative international organisation, recognised Bangladesh’s achievement after its third round of mutual evaluation assessment on the country’s measures to counter money laundering and financing of terrorism.
The evaluation team of assessors, composed of APG experts in criminal law, law enforcement and regulatory issues, visited Bangladesh in October last year and placed its report before the members at the group’s annual meeting held in the United States this month.
“Now the business community has got a footing to bargain in doing foreign trades, such as a charge for confirmation of letters of credit (LCs),” Hassan said.
Earlier in the second round of the mutual evaluation report conducted in 2009, APG found that Bangladesh faced significant risks of money laundering and some risks of terrorism.
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