New strategy to fight money laundering gets the nod
A government committee yesterday approved a strategy for preventing money laundering and combating financing of terrorism for 2015-2017.
The strategy from the National Coordination Committee on Anti Money laundering & Counter Terrorist Financing reaffirms the government's commitment to further strengthen the national effort to arrest money laundering and terrorist financing, said officials of the finance ministry.
Finance Minister AMA Muhith presided over the meeting, which was attended by, among others, Law Minister Anisul Huq and Bangladesh Bank Governor Atiur Rahman.
The objectives of the strategy paper were to spell out comprehensive medium-term goals and action agenda in strengthening the capacity of all relevant stakeholders for implementing the provisions of the applicable UN conventions and protocols and Financial Action Task Force standards.
The paper consists of 11 strategies against 11 specific objectives.
Under the strategies, the government will update the national risk assessment regularly and introduce risk-based approach to monitoring and supervision of all reporting organisations.
It will also look to deter corruption-induced money laundering.
The government will also commit to modernising border control mechanism to prevent smuggling of gold and drugs, human trafficking and other transnational organised crimes and their financing.
It will tackle illicit financial flows by preventing the creation of black money, curbing domestic and cross-border tax evasion and addressing trade-based money laundering. The government will also enhance compliance of all reporting agencies with special focus on new ones like NGOs. The authorities will also work to develop a transparent, accountable and inclusive financial system.