Washigton, DC (BBN)- The Bangladesh Bank (BB), the country’s central bank, lead the government’s effort to comply with the international sanctions regime, a US report said.
“The BangladeshBank (the central bank) and its financial intelligence unit/anti-money laundering section lead the government's effort to comply with the international sanctions regime,” the US said in its ‘Country Reports on Terrorism 2013’, released on Wednesday.
“Significant improvements to its Antiterrorism Act have allowed Bangladesh to start the path of successfully exiting the FATF International Cooperation Review Group process.” It noted.
Bangladesh is a member of the Asia/Pacific Group on Money Laundering, a Financial Action Task Force (FATF)-style regional body.
The FATF is an inter-governmental body, whose job is to develop and promote policies, both national and international, to combat money laundering and check financing of terrorism.
“The presence and large-scale use of informal value transfer systems such as hawalas and the hundi system of remittances provide channels for exploitation by terrorists. In the formal financial sector, law enforcement rarely uses its powers to freeze and confiscate assets.”
BBN/SSR/AD-01May14-12:29 pm (BST)
