Bangladesh News

The government formed a high-powered committee to combat money laundering and financing of terrorists.

Law adviser will lead the 10-member committee titled “National Committee on Anti-money Laundering–Combating Terrorist Financing”, a finance ministry order yesterday said.

A working committee led by a deputy governor of Bangladesh Bank has also been formed to assist the national committee, sources said.

According to the government order, the committee will work for preparing a policy to prevent money laundering and financing of terrorism and also suggest necessary measures to implement policy decisions.

The committee will also help recover siphoned-off money from Bangladesh.

Secretaries of finance, home, foreign and law ministries, chairmen of National Board of Revenue and Securities and Exchange Commission, an additional attorney general and a deputy governor and an executive director of Bangladesh Bank are members of the committee.

A working committee will also be formed with representatives from each of the above organisations, the finance ministry order added.

Like many other countries, Bangladesh is facing problems in dealing with the growing menace of money laundering and financing of terrorism.

Bangladesh is also working to enact laws on anti-money laundering besides developing cooperation with other countries and agencies concerned to bring back the money smuggled-out by corrupt people, Bangladesh Bank sources said.

The World Bank, as part of its ongoing support to recover the smuggled-out money, advised the government to form such a committee that deals with the money laundering issues.

The Asia/Pacific Group on Money Laundering (APG), an autonomous and collaborative international organisation consisting 36-member jurisdictions and a number of international and regional observers, is likely to visit Bangladesh soon to see Bangladesh’s capacity in tackling money laundering and terrorist financing issues.