Bangladesh

New Documents

Bangladesh FIU Highlights AML/CTF Guidance in 2018-2019

The Bangladesh Financial Intelligence Unit published its 2018-19 Annual Report focusing on its anti-money laundering and counterterrorist financing efforts over the year under the Money Laundering Prevention Act, 2012 and Anti-Terrorism Act, 2009.

July 6, 2020

Bangladesh FIU Publishes Guidelines on Electronic KYC for Financial Institutions

The Bangladesh Financial Intelligence Unit published guidelines to enable financial institutions to conduct electronic know your customer checks using digital means, such as the Election Commission of Bangladesh’s database that contains identity data with biometric information.

January 10, 2020

Bangladesh Bank Publishes National AML/CTF Strategy for 2019-2021

November 20, 2019

APG: Bangladesh Makes Good Progress in Addressing Technical AML/CTF Deficiencies

August 7, 2019

Bangladesh FIU Highlights Increase in Suspicious Activity Reporting in 2017-2018 Annual Report

May 22, 2019

News

Midweek Roundup: EBA to Probe Lapses in Supervision of Dos Santos’ Affairs, Global Banks Review Hong Kong Clients’ Political Ties, and More

Swiss banks close accounts of Russia-led intergovernmental group, Wirecard investors to sue BaFin, EY over accounting scandal, and more, in the midweek roundup.

July 22, 2020

Midweek Roundup: New York Penalizes Deutsche Bank, FinCEN Releases COVID-19 Guidance, and More

German lender filed SAR on Wirecard in 2018, Mastercard execs alerted of possible money laundering at Wirecard in 2016, and more, the midweek roundup.

July 8, 2020

Weekly Roundup: Goldman Sachs Negotiating 1MDB Settlement, Westpac Triggers Another Investigation, and More

June 12, 2020

Midweek Roundup: Swiss Investigate Julius Baer for AML Failures, US Drops Pilatus Bank Case, and More

June 10, 2020

Midweek Roundup: DFS Probes Deutsche Bank’s Ties to Jeffrey Epstein, Mexico Orders Cartel Account Freeze, and More

June 3, 2020

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 : 38/141
Score : 5.88/10

TRANSPARENCY INTERNATIONAL i

Rank : 146/180
Score : 26/100

Tax Justice Network i

Rank : 54/133
Score : 73/100