Bangladeshis’ deposit in Swiss bank, BFIU looking for sources

Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank has started looking for sources on how Bangladeshis deposited money in Swiss Bank.

In the case of foreign trade, they are investigating whether the money has laundered through over-in-voice or under-in-voice.

Apart from this, the detectives are also considering whether this money has been smuggled through any digital currency like Bitcoin.

As part of the investigation, BFIU has already started email communication with Swiss Bank authorities. Mail communication has been made more than once over the issue.

However, Swiss Bank could not provide any information to BFIU as there is no agreement between the two parties.

In this situation, Bangladesh is mulling to sign a Memorandum of Understanding (MoU) with Swiss Bank to know information related to money laundering or financial transactions.

The formality of the agreement process will begin after the Ministry of Finance gave its nod in this regard.

When asked, Abu Hena Md Razi Hasan, Deputy Governor of Bangladesh Bank and Chief of Bangladesh Financial Intelligence Unit, said the financial intelligence unit is not sitting idle. We are investigating and trying to contact the Swiss Bank. In addition, as part of money laundering prevention, BFIU has already instructed all commercial banks and financial institutions to transact with caution.

About agreement with Swiss Bank, he said there have been two rounds of meetings in this regard so far. But the decision is being delayed due to the coronavirus situation.

‘We have to go on the way to an agreement. India has also signed an agreement. So India’s process is also being scrutinized,’ he added.

Mentionable, every year on a specific date, Swiss Bank publishes a report on deposits from different countries of the world on its website. This year, the report was published on June 25.

According to the report, Bangladeshis deposited a total of 603 million francs in Swiss banks in 2019. The amount is estimated in Tk 5,427 crore.

However, Bangladesh took precautionary measures on 12 June, before release of the report. As a measure, BFIU issued a circulation regarding necessary guidelines to prevent money laundering.

According to BFIU sources, BFIU is looking into suspicious transactions of every bank and financial institution branch to find sources of the money of smugglers. Each branch of all banks was suggested to check account documents along with LC documents of 4/5 clients on a sample basis. Particularly they were asked to check repeatedly whether the price of product is in line with international standards, in contrast to every LC. BFIU also directed all the branches to collect the LC supplier, beneficiary and credit reports and review them. Apart from this, transactions related to inward and outward remittances have also been asked to be monitored.

Meanwhile, Imtiaz Ahmed, Deputy Inspector General (DIG) of Organised Crime Unit under the Criminal Investigation Department (CID) said whenever we get information about money laundering, we investigate. We file a case under the Money Laundering Act if evidence is found. Later, action is taken against the accused.

He further said 35 people have recently been arrested on charges of being involved in human trafficking. Their bank accounts are being checked. If evidence of suspicious transactions is found, a case will be filed against the account holder.


Dhaka/Shah Alam/Nur/AKA