The primary responsibility of gathering information of money laundering lies with BFIU. Three former and serving officials of the country’s lone financial intelligence unit say that suspicious transaction reports (STR) have increased in the private financial sector including the banking sector. Due to a lack of understanding of money laundering laws, these institutions fail to provide reports of any proper standard. Officials of these institutions must be provided with training. BFIU must also be provided with AI-equipped software as in the financial intelligence units (FIU) in developed countries.
The national strategic paper on preventing money laundering says that there is no central data bank concerning money laundering crimes. There is a lack of skilled workforce in the law enforcement agencies. They must be provided with training at home and abroad. A neutral prosecution service needs to be established. Coordination needs to be stepped up between investigating officers and prosecutors.
Executive director of Transparency International Bangladesh (TIB) Iftekharuzzaman, speaking to Prothom Alo, said there is a lack of skill that is required for investigating money laundering cases. There is no coordination among the agencies vested with investigating such crimes. The investigating officers to not have the authority to nab the powerful persons involved in money laundering.
* The report, originally published in the print and online edition of Prothom Alo, has been rewritten in English by Ayesha Kabir
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