Bangladesh Bank has issued guidelines to prevent money laundering and terror financing.
In a media statement made available on Thursday, the central bank said it designated NGOs as reporting agencies to prevent the twin menaces.
The central bank’s Bangladesh Financial Intelligence Unit (BFIU) said each NGO had been instructed to formulate regulations on curbing money laundering and terro funding.
The NGOs have been given some more directives to comply with the Money Laundering Prevention Act 2012 and Anti-terrorism Act 2009.
To follow the guidelines, a compliance unit would be formed with a senior official to head it.
Information pertaining to the big clients or beneficiaries and their detailed identification and financial transaction will be collected and preserved for five years.
As per the latest guidelines, NGOs will have to provide information about their directors and top officials.
Donor NGOs have to collect full information on the associated NGOs. The local NGOs have also been asked to be careful while carrying out activities in foreign countries.
The NGOs are also asked to carry out financial transaction through banks.
Meetings will have to be organised at least four times a year and trainings also should be arranged for the officials.
No fund can be obtained from any individuals or organisation banned by the UN Security Council.
Once the NGOs get information on suspicious transaction related to money laundering or financing terrorism, they will have to pass it on to the BFIU general manager.Any individual or organisation can also provide information to BFIU if they find any suspicious transaction of any NGO. The BFIU will ensure maximum security in this case.
According to the media release, non-profit organisations are those certified organisations functioning under Company Act 1994.
Earlier, banks, other financial institutions, insurance companies, money changers, foreign remittance exchange houses, institutions that mediate in the capital market have been designated as reporting agencies under Money Laundering Prevention Act and Anti-terrorism Act.
Source: Bd news24
