BFIU worried over money laundering thru MFS platforms

Bangladesh Financial Intelligence Unit (BFIU) yesterday requested mobile financial service (MFS) providers to take necessary steps to stop illegal online gambling, gaming, and betting through such digital platforms. 

"Financial crimes like illegal online gambling, gaming, betting and forex and crypto trading are on the rise and boosting money laundering," said the BFIU, which works to combat money laundering and terrorist financing.

By exploiting the digital payment system, these crimes are simplifying and accelerating the illegal hundi processes, it said. Hundi is an informal method of transferring money from one country to another.

Head of the BFIU, Md Masud Biswas, held a meeting about the issue yesterday with representatives from the Payment Systems Department and Foreign Exchange Policy Division of Bangladesh Bank.

Also present were the managing directors and chief executive officers of bKash, Nagad, Rocket and Upay, read the press release.

The BFIU called upon stakeholders to ensure that MFS accounts were not used as a means of payment in online gambling, gaming, betting and forex and cryptocurrency trading.