Home Bank & Finance BB worries about money laundering using cryptocurrency trading
Bank & Finance - August 13, 2023

BB worries about money laundering using cryptocurrency trading

Rafiqul Islam Azad: Bangladesh Bank, the regulatory body of the financial sector, is concerned as to huge amount of money is being laundered from the country through illegal online gambling, gaming, betting, forex and cryptocurrency trading. The central bank, however, decided to work together with all the concerned agencies to prevent money laundering through cryptocurrency trading. A decision in this regard was taken at a meeting of Bangladesh Financial Intelligence Unit (BFIU) of the Bangladesh Bank on Thursday. The BFIU is the central agency of Bangladesh responsible for analyzing Suspicious Transaction Reports (STRs) and to prevent money laundering and terrorist financing. The meeting with various intelligence agencies of the government with BFIU discussed the whole scenario of illegal online gambling, gaming, betting, forex and cryptocurrency trading in the country. Representatives of Telecommunication Regulatory Authority, CID of Bangladesh Police, Special Branch, Transnational and Cyber Crime Department of Dhaka Metropolitan Police and intelligence agencies were present in the meeting with BFIU chief Masud Biswas in the chair. The meeting was informed that Bangladesh is losing a lot of foreign currency due to the increase in illegal online gambling, gaming, betting, forex and cryptocurrency trading. It referred to the government’s zero tolerance against hundi, online gambling, gaming, betting, forex and cryptocurrency trading, the central bank. The meeting was informed that the use of digital payments and smart payments in the financial sector has increased, the benefits of which are being enjoyed by the whole of Bangladesh. However, along with the benefits and prosperity, abuse of these banking and payment systems has also increased. These include illegal online gambling, gaming, betting, forex and cryptocurrency trading. The illegal transactions through these crimes have increased at an exponential rate. By exploiting the digital payment system, these crimes are simplifying and speeding up the hundi process. As a result, money laundering is increasing and the country’s economy is suffering. The country is losing a lot of foreign exchange, according to sources. It is said that the BFIU is working with other organizations to prevent all types of money laundering, including prevention of money laundering through online gambling, gaming, betting, forex and cryptocurrency trading. The authorities sent letters to all concerned ministries to take necessary measures to stop online betting and gambling advertisements on various television channels. BFIU chief Masood Biswas highlighted the harmful aspects of money laundering, social degradation and youth through these illegal means and urged all organizations to work together to take strict disciplinary action against those involved in such misdeeds. He said the BFIU would provide information to the relevant organizations in the meeting. At this time, the organizations said to work together to prevent these illegal media in the future. The BFIU boss urged for mutual collaboration and coordination among all agencies and sought stern actions against the wrongdoers. Meanwhile, Bangladesh Bank in a press release said, the nation is benefiting from surging transactions through digital and smart means. But these transaction methods are increasingly being used in illicit transactions, and giving a boost to the hundi business and money laundering. Thus, the economy is suffering losses and the country is losing foreign currencies. The BFIU is consistently undertaking awareness campaigns to stop the financial crimes. Moreover, the unit is consistently providing intelligence reports to law enforcement agencies. It also has identified pertinent websites, apps, Facebook pages, and YouTube contents associated with the illicit activities, and forwarded them to law enforcement and regulatory authorities.

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