• Saturday, January 31, 2015

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Money Laundering

NBR unveils plan to check duty dodging

NBR unveils plan to check duty dodging

The National Board of Revenue has strengthened its systems to curb duty evasion and money laundering through false declaration of imported goods. The revenue authority installed the Asycuda World software at all customs houses and 10 land customs stations early this month, enabling officials to verify the value of declared goods. Test runs are being conducted. “Now, our colleagues sitting at Benapole or Hilly port can see the products that are arriving in Chittagong and verify their declared value in real time,” Md Farid Uddin, member of NBR's customs policy,...

Khaleda’s son Koko dies

Khaleda’s son Koko dies

Arafat Rahman Koko, younger son of BNP Chairperson Khaleda Zia, died today at his residence in Malaysia. “Koko was declared dead around 2:00pm Bangladesh time,” said Atiqur Rahman Rummon, a close aide to Koko’s elder brother Tarique Rahman.    Quoting Simpu, a brother-in-law of Koko who used to stay with Koko in Malaysia, said he complained of chest pain around 12:00pm. He said around 12:30pm they called in an ambulance from a local hospital as his condition deteriorated. The doctor who travelled to Koko’s residence at Ampang in Kuala Lumpur in the ambulance around 1:30pm found Koko in a very critical condition and around 2:00pm he declared Koko dead, Rummon added. Wives of Koko and...

Politicians, Bureaucrats, other High-ups

BB to monitor income sources, transactions

As a step to prevent money laundering, banks would be monitoring income sources of senior politicians, bureaucrats, judicial and military officials, and senior officials of international organisations. Their bank transactions and accounts of their family members and close associates would also be monitored regularly, said Bangladesh Bank in a circular yesterday.  The central bank ordered banks to monitor “politically exposed” and influential people. The notice said politically exposed people were “individuals who are or have been entrusted with prominent public functions by...

Editorial

Capital flight triples in a year

THE Global Financial Integrity (GFI) in its latest study has found that capital flight from Bangladesh has tripled in the last year from US$1.78billion up from $593million a year ago. The country ranked 4th in South Asia and shows a disturbing trend which indicates that there is little confidence in the political stability of the country. The flight of such large sums of monies is also an indicator of how little control policymakers have over the transfer of such...

Judge dealing Khaleda's graft cases transferred

Judge dealing Khaleda's graft cases transferred

The judge dealing the two graft cases against BNP Chairperson Khaleda Zia and eight others has been transferred midway in the trial of the corruption cases. Judge Bashudev Roy, special judge-3 of Dhaka, has been transferred to the position of a special judge in Patuakhali. He will be replaced by Abu Ahmed Jomadar, a...

Anti-money Laundering Law

Amendment aims at stringent monitoring

The finance ministry has proposed amending the anti-money laundering law to allow Bangladesh Bank to monitor the bank accounts of influential people, including politicians, bureaucrats and businesspersons. Once amended, the Central bank's Financial Intelligence Unit will keep a close watch on influential people. The proposal was made at a meeting of the anti-money laundering taskforce under the finance ministry. The meeting was chaired by Finance Minister AMA Muhith at the secretariat yesterday. The meeting also suggested amending another provision of the law...

Money Laundering

Charges against Mosharraf accepted

A Dhaka court yesterday took cognisance of charge against former health and family welfare minister Khandaker Mosharraf Hossain in a case filed for laundering over Tk 9.53 crore to the United Kingdom. After scrutinising the case docket and other relevant documents, Judge Jahurul Haque of the Senior Special Judge's Court of Dhaka passed the order. The court also fixed November 2 for hearing on charge framing against the BNP leader.  On August 13, Anti-Corruption Commission (ACC) Director Nasim Anwar pressed charge against...

The police: Proper investigative body in money laundering cases?

UNDER the Anti-Corruption Commission Act, 2004 (ACCA), all corruption related offences as specified in the Act have to be investigated by no other agency but the Anti-Corruption Commission (ACC). Newspaper reports indicate that the government, acting on the proposal of the ACC, is now considering the case for stripping the ACC of the power of investigation into certain offences specified in the ACCA. According to the proposed change, the ACC would continue to investigate frauds committed by government employees,...

ZIA ORPHANAGE, CHARITABLE TRUST GRAFT CASES

Trial begins in Khaleda’s absence

Trial begins in Khaleda’s absence

Trial in two corruption cases against Khaleda Zia -- Zia Orphanage and Zia Charitable Trust graft cases -- began today through the recording of the deposition of a witness in the BNP Chairperson's absence. Partial deposition of plaintiff Harun-ur-Rashid, deputy director of the Anti-Corruption Commission (ACC), was recorded at Judge Bashudeb Roy of Special...

BASIC Bank being probed for money laundering

Bangladesh Bank is investigating whether any money laundering crimes were committed by BASIC Bank when it gave out loans using forged documents. BB's financial intelligence unit is looking into the matter and will forward the findings to the Anti-Corruption Commission (ACC), Abu Hena Mohammed Raji Hasan, deputy governor of the central bank, yesterday told reporters while announcing the monetary policy. The move comes after investigations by other departments of the central bank concluded that the bulk of the amount that was...

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