Dhaka, Bangladesh (BBN)- Bangladesh has been given until May 2013 to address four deficiencies in its fight against money-laundering and terror-financing to avert black listing by the Financial Action Task Force (FATF), officials said.
The FATF is an inter-governmental body, whose job is to develop and promote policies, both national and international, to combat money-laundering and terror-financing. Bangladesh needs to address adequately criminalising terrorist financing;establishing and implementing adequate procedures to identify and freeze terrorist assets; ensuring an effectively functioning Financial Intelligence Unit; and improving international co-operation. The deadline was set at the FATF meeting held in Paris on February 18-22 on review of the country's latest performance in implementing its commitments, made by the government earlier, in its bid to work with the FATF and the Asia Pacific Group on Money Laundering (APG) to address its strategic AML/CFT deficiencies. A four-member high-powered team, led by head of the Bangladesh Financial Intelligence Unit (BFIU) and Deputy Governor of the Bangladesh Bank (BB) Abu Hena Mohammad Razee Hassan, attended the meeting to inform it about the latest developments on the AML/CFT front, they added. In October 2010, Bangladesh made a high-level political commitment to work with the FATF and the APG to address its strategic AML/CFT deficiencies. The APG is an international organisation consisting of around 40 members and a number of international and regional observers, including the United Nations, the International Monetary Fund and the World Bank. "Since October 2012, Bangladesh has taken steps towards improving its AML/CFT regime, including by obtaining cabinet approval for the necessary amendments to its CFT legislation and issuing AML/CFT guidance to the capital markets intermediaries,” the inter-governmental body said in a document.
However, the FATF has determined that certain strategic AML/CFT deficiencies remain, it noted. “The FATF encourages Bangladesh to address its remaining deficiencies and continue the process of implementing its action plan.”
"We've already taken preparations for addressing these deficiencies within the timeframe, set by the FATF," a senior government official told BBN in Dhaka, adding that the FATF appreciated highly Bangladesh’s efforts to address its deficiencies and continue the process of implementing its action plan. The official also said the cabinet has approved Anti-Terrorism Act (amendment) in line with the global standard to address adequately criminalising terror financing. “We expect that the amendment processes will be completed before May 2013,” he said, adding that the central bank has taken different measures including appointed a consultant to strengthen efficiencies of the BFIU. Besides, the central bank has installed 'goAML' software for introducing an online system to collect different information including suspicious transaction reports (STRs) and cash transaction reports (CTRs) from banks. The goAML is the United Nations Office on Drugs and Crime (UNODC)’s standard software system available for financial intelligence units to check terror financing and money laundering.
Another official said improving international co-operation is a continue processes. “But the government has enacted the Mutual Legal Assistant in Criminal Matters Act-2012 to ensure international cooperation.”
BBN/SSR/AD-26Feb13-4:23 pm (BST)