Bangladesh Bangladesh

New Documents

Bangladesh FIU Organizes e-KYC Seminar

The Bangladesh Financial Intelligence Unit and the International Finance Corporation held a seminar that focused best practices for e-KYC.

September 13, 2022

US Officials Host TF Workshop in Bangladesh

The U.S. Department of Justice arranged a three-day workshop in Bangladesh focused on terrorist financing-related topics for Bangladeshi law enforcement, judges, prosecutors and financial intelligence unit personnel.

September 13, 2022

APG Report Rerates Bangladeshi Compliance with Three FATF Recommendations

September 21, 2021

APG Re-Rates Bangladesh on Two Technical Compliance Recommendations

December 15, 2020

Bangladesh FIU Highlights AML/CTF Guidance in 2018-2019

July 6, 2020

News

Weekly Roundup: Goldman Sachs Banker Set for Extradition, Dutch Judge Blocks Account Closure, and More

U.S. prosecutors target SBF’s private jets, money launderers turn to casinos and Southeast Asia, and more, in the weekly roundup.

October 6, 2023

Weekly Roundup: Treasury Appoints FinCEN Chief, Celsius Founder Charged With Crypto Fraud, and More

UK brokerage fined for “cum ex” failings, ransomware payments surged in first half of 2023, and more, in the weekly roundup.

July 14, 2023

Weekly Roundup: US AML Whistleblower Program Will Fuel New Cases, FinCEN Targets Human Smuggling, and More

January 13, 2023

Weekly Roundup: Danske Bank Expects $2.1 Billion in AML Penalties, Treasury Blacklists Iranian Nonprofit, and More

October 28, 2022

Midweek Roundup: New York Eyes Gun Merchant Code, France Taps AI, Satellite Imagery to Find Untaxed Swimming Pools, and More

August 31, 2022

Enforcement Actions

0 Items Found

Key Documents

Bangladesh Establishes AML/CTF Framework, Obligations

February 20, 2012

Bangladesh Releases Counterterrorism Ordinance

June 11, 2008

Important Facts

  • The U.S. State Department classifies Bangladesh as a jurisdiction of concern. Bangladesh's geographic location - including its seaports and long porous borders with India and Burma - makes it a transshipment point for drugs produced in both the "golden triangle" of Southeast Asia and "golden crescent" of Central Asia. Corruption, fraud, counterfeit money and human trafficking are the principle sources of illicit proceeds. Bangladesh is vulnerable to terrorist financing, including funding that flows through the hawala/hundi system and by cash courier. Other terrorist financing vulnerabilities exist, including the use of non-governmental organizations, charities, counterfeiting and loosely-regulated private banks. The Bangladeshi economy relies heavily on remittances, with remittances through official channels totaling over $15.3 billion in 2015. According to the central bank, a larger number of remittances are now transmitted through the formal sector. However, there remains widespread use of the underground and illegal hawala/hundi alternative remittance systems, which are used to avoid taxes and customs duties.
  • KYC Covered Entities: Banks, finance and investment companies, leasing companies, insurance companies, money changers, money remittance or transfer companies, stock dealers and brokers, portfolio managers, merchant banks, securities custodians, asset managers, non-profit organizations (NPOs), and NGOs
  • STR Covered Entities:  Banks, finance and investment companies, leasing companies, insurance companies, money changers, money remittance or transfer companies, stock dealers and brokers, portfolio managers, merchant banks, securities custodians, asset managers, NPOs and NGOs, dealers of precious metals and stones, trust companies, lawyers, and accountants
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: 1 (2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 26 Substantial : 3
Partially Compliant : 6 Moderate : 4
Non-Compliant : 0 Low : 4

Bangladesh's technical compliance was re-rated in a Aug. 6, 2019 follow-up report

BASEL i

Rank : 78/110
Score : 5.84/10

TRANSPARENCY INTERNATIONAL i

Rank : 146/179
Score : 26/100

Tax Justice Network i

Rank : 54/133
Score : 73/100