Laws to check financial crimes to see more changes

The government will amend again the anti-money laundering act and terror financing act to meet the obligations of Financial Action Task Force (FATF) that sets world standards for preventing such crimes.
A meeting with Finance Minister AMA Muhith in the chair yesterday formed a working group to scrutinise the draft of the amendments to the two laws. A joint secretary of the finance ministry will head the working group.
Bangladesh Bank and the home ministry have separately formulated drafts for the amendments.
Bangladesh will face problems in international transactions if the country fails to formulate an action plan by October to adopt the global standards in its fight against money laundering and terror financing, according to a finance ministry report.
The report was placed at yesterday's meeting at the finance ministry conference room.
The FATF has set October as the deadline for Bangladesh, and if the government fails to meet the deadline, it will take action.
The prime minister's principal secretary, the attorney general, the central bank governor, and secretaries of the ministries concerned were present at the meeting.