The government is gearing up to enforce the seven action plans laid out by the Financial Action Task Force (FATF) in order to curb money laundering and terror financing,

an effort that would remove Bangladesh from the grey list of International Cooperation Review Group (ICRG).

The finance minister at a meeting at the finance division auditorium on Wednesday asked concerned authorities to execute the seven action plans

within stipulated time to come out of the ICRG list, said an official of the bank and financial institutions division after the meeting.

The action plans include the National Board of Revenue undertaking the legal process to bar transfer of illegal imported gold ornament, precious metals,

foreign currencies and transferable documents through mail and cargo. Bangladesh Bank and the NBR has formed a committee to oversee the matter.

Under another action plan that requires the implementation of United Nations Security Council resolution 1267 and 1373, Bangladesh bank

and the foreign ministry will jointly arrange a workshop on October 2 for reporting agencies of information on anti-money laundering activities.

Banking division and Bangladesh Bank will modernise and upgrade the Bangladesh Financial Intelligent Units (BFIUs) under the central bank within October 2013.

Home and law ministries and the banking division will issue the authentic English text of the Anti-money

laundering Act and Anti-Terrorist Act within September. The law ministry will issue a circular by September 9 after vetting the translated text.

Banking division and Bangladesh Bank will prepare the new National Anti-money Laundering Strategies for 2014-16 and a review of the strategies of 2011-13.

The central bank will also review the report of a consultant firm, Ric Power, on Bangladesh’s gaps with the FATF action plan.

The government has already updated the Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) statute in line with UN conventions. A statute was also enacted in 2011,

indemnifying disclosure of information in public interest and protecting whistle-blowers exposing corrupt practices in public institutions.

The bank and financial institutions division official said the finance minister had congratulated the banking division and the central bank upon securing the membership of Egmont Group of Financial Intelligence Units.

It was remarked at the meeting that the feat had further enhanced Bangladesh’s efficiency through strong cross-border ties with 139 other Financial Intelligence Units across the world.

The membership also enabled Bangladesh to recover money laundered by BNP Chairperson Khaleda Zia’s son Coco.
Bangladesh has been on the grey list of international money laundering and financing of terrorism risks for the last three years.

The list is prepared by the Paris-based intergovernmental group FATF in February every year. The categories are: “grey list” for those with a high-level political commitment to address the AML/CFT deficiencies,

“dark grey list” for those with high risk and non-cooperative to which countermeasures apply and the “black list” for those which are non-cooperative and have not committed to an action plan.