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Anti Money Laundering Act Bangladesh

By Hafsa Binte Omar

Bangladesh passed the Money Laundering Prevention Act of 2009 to combat money laundering in the country. The objective of this legislation is to ensure that all financial transactions and cash flows are compliant with applicable laws, regulations and policies. This law is an essential component of Bangladesh's commitment to promote good governance, financial inclusion and economic development.

Table Of Content:

2. Bangladesh Financial Intelligence Unit (BFIU)
Bangladesh Financial Intelligence Unit (BFIU)To enforce and ensure the operational independence of FIU, Anti Money Laundering Department has been transformed as the Bangladesh Financial Intelligence ...

3. Money Laundering Prevention Act, 2012
Money Laundering Prevention Act, 2012... law regarding the prevention of money laundering and other offences connected therewith ... may be defined by Bangladesh Bank from time to time: trust and ...

4. Money Laundering Prevention Act,2012
Money Laundering Prevention Act,2012Acts. Money Laundering Prevention (Amendment) Act, 2015. Money Laundering Prevention Act,2012 [Bangla] [English] · Anti-terrorism Act, 2009 · Anti Terrorism ...

  • Source: Google.
  • What is money laundering?

    Money laundering is a criminal activity that involves concealing or disguising the origin of money gained through illegal activities such as fraud, bribery, drug trafficking, or other criminal activities.

    What are the penalties for violating the anti-money laundering law in Bangladesh?

    Violations of this law carry both civil and criminal penalties. Civil penalties may include monetary fines, while criminal penalties may include imprisonment and/or a fine.

    How does Bangladesh enforce its anti-money laundering laws?

    To prevent money laundering in Bangladesh, there is a Financial Intelligence Unit within the Department of Financial Services which tracks suspicious transactions. Moreover, banks are required to conduct due diligence on their customers when making deposits or transfers to help ensure compliance with anti-money laundering regulations.

    How does this law protect individuals from money laundering?

    This law prevents individuals from using their funds for illicit purposes by requiring banks to keep detailed records of customer transactions over a certain amount and report any suspicious activity to authorities. Additionally, anyone engaging in money laundering can face severe civil or criminal penalties if caught.

    What kind of organizations does this law apply to?

    This law applies not only to commercial banks but also non-bank financial institutions such as insurance companies, microfinance institutions and securities dealers who accept deposits or process payments. The legislation also requires non-bank financial institutions to identify their customers before conducting transactions with them.

    The Money Laundering Prevention Act of 2009 serves as an important tool for combating money laundering in Bangladesh by promoting transparency among financial institutions as well as providing protection for individuals against illicit funding practices. It helps ensure that all banking enterprises adhere to proper protocols when it comes processing payments and other related financial activities including identifying suspicious transactions and reporting them appropriately.


    Hafsa Binte Omar

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