Bangladesh has come out of the FATF grey list of poor performers in anti-money laundering activities after five years, clearing its name as a risk country in terms of stability and solidarity in international economy.
A planetary meeting of the Financial Action Task Force (FATF) on February 13 in Paris made the decision in favour of Bangladesh.
Finance Minister AMA Muhith yesterday said the international trade cost, which was now above 1%, would cut by 0.5% and the country’s export volume would rise because of the exemption.
“Bangladesh came out of the FATF grey list which is a great achievement for the newly elected government,” Muhith told a press conference at the Finance Division auditorium.
The government has so far addressed a large portion of its action plans, which include enacting the Money Laundering Prevention Act 2009 and amending the Anti-Terrorism Act 2009, to ensure international standards.
Muhith said a national taskforce was also reviewing the anti-money laundering activities every two months and the government had established a financial intelligence unit at the Bangladesh Bank.
“We have been on the FATF grey list for the last five years and Bangladesh would have been included in the black list if we had failed to make it out of the grey list,” said Muhith.
Bank and Financial Institution Division Secretary Dr Aslam Alam, who was present at the press conference, the government had completed the action plan of the FATF International Cooperation Review Group last October, as a result of which Bangladesh had been taken off the grey list.
“We will take this opportunity to bargain lowering the cost of opening letters of credit,” he said.
In reply to a question, the banking secretary said it was true that Bangladesh might again be included in the grey list if the authorities concerned failed to execute the different anti-money laundering laws.
Bangladesh Bank Governor Dr Atiur Rahman said the government would install software to detect any money laundering activities in the financial sector from March 3.
He pointed out that the government had already raised the number of reporting agencies – such as the stock market and NGOs for detecting money laundering activities.
The Bangladesh Financial Intelligence Unit (FIU) has signed memorandums of understanding with 16 foreign FIUs and obtained membership of the Egmont Group, which meets regularly to collaborate information exchange, training and expertise sharing.
The government has taken steps to strengthen the FIU and ensure its operational independence.
To enhance inter-agency information and cooperation, primary contact points have been established in 21 ministries, divisions and agencies.
In November last year, a team of the Asia-Pacific Regional Review Group of the FATF made a two-day visit to Dhaka to verify the measures taken.
Source: Dhaka Tribune
