Bangladesh progress on anti-money laundering

APG satisfied over move to stem terrorist financing

An eight member team of the Asia Pacific Group (APG) has expressed satisfaction on the recent preventative steps taken by the government to combat financing military and terrorism. In a meeting with the national coordination committee the team leader expressed its appreciation at the anti-money laundering and overturning terrorism financing. With a good rating from APG, Bangladesh may enjoy increase in foreign loan and grant, decline in expenditure on trade and better image of the country towards the Financial Action Task Force (FATF) on Money Laundering. This will be in a mutual evaluation with the APG.

Bangladesh was rated as non-compliant in 2002 by the IMF and World Bank, a risky country charging higher international trade fees in 2010 by the FATF and coming out of the grey list in 2014. Thus, a reduction in transaction time and costs with the global financial world would be enjoyed by Bangladesh. After amending the anti-money laundering act, the government has given Bangladesh Financial Intelligence unit greater authority. It will be led by a new position from the officials of central bank's deputy governor level.

You can read more about this topic here:

Anti-money laundering steps under scanner