Trade-based laundering in BD was 17.5 pc from 2006-15

FT ONLINE

In 10 years from 2006 to 2015, trade-based laundering was 17.5 percent of total trade in Bangladesh while it was 12.4 percent in developing countries, according to a publication on money laundering released today.

It said the illicit outflow of money through misinvoicing from Bangladesh is high among the developing countries.

The publication titled "National Strategy for Prevention of Money Laundering and Combating Financing of Terrorism 2019-2021" was unveiled at a seminar at the Intercontinental Dhaka hotel in the capital.  

The seminar was jointly arranged by the Bangladesh Bank, the Ministry of Finance and the Ministry of Foreign Affairs.

Citing some case studies, the report said illicit outflow from Bangladesh is done by over-invoicing of low-taxed imported goods and services, such as capital machinery, raw materials, computer accessories, software, industrial design, factory installation etc.

The government has taken 11 strategies for three years from 2019 to 2021 to prevent money laundering, said the report.

Finance Minister AHM Mustafa Kamal attended the seminar as the chief guest while Fazle Kabir, governor of the Bangladesh Bank, moderated the session.