Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, January 25, 2021 06:46:36 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

No strategy will work to prevent money laundering

By
13th-Nov-2020       
Share
  • Twitter
  • Google+
  • Save
  • E-mail
  • Print
Comments
Share your thought
Post a comment »
Read all () »

Media report in a national daily on Thursday said the government has adopted a new strategy to combat trade-based money laundering and illicit financial outflow from the country with the incorporation of a few stringent provisions into it. It has been included in the 'National Strategy for Preventing Money Laundering and Combating Financing of Terrorism 2019-2021.
Recently, the committee on prevention of money laundering from the country at a meeting suggested nine recommendations to prevent outflow of money abroad. It decided that if any individual or organisation were found guilty, steps would be taken to confiscate the concerned individual or organisation's movable and immovable properties. However, in any case if the properties could not be confiscated then tax would be realised as fine against the laundered money.
The most common schemes involve fraudulent trade practices are over-and-under invoicing of goods and services, multiple invoicing of goods and services, over-and-under-shipment of goods and services, short or over shipping, shipping something other than what is invoiced, shipping nothing at all with false invoices and falsely describing goods and services etc, according to the committee.      
In addition, the government is also preparing to bring the laundered money back to the country. It is planning to ink taxation agreements with as many as 12 countries for allowing the exchange of information in order to bring back the money stashed abroad. The countries include Canada, the United States of America, the United Kingdom, Australia, Switzerland, Singapore, Hong Kong, the United Arab Emirates, Malaysia, the Cayman Islands and the British Virgin Islands.
However, with the development of technology and diverse trading practices, criminals these days are in a position to change their strategy off and on to divert attention of the law enforcement agencies to launder money abroad. Rapid expansion of global trade has increased the possibilities for trade-based money laundering (TBML).  
It is difficult to estimate exactly how much illicit money flows through the world's financial system every year, but the amounts involved are undoubtedly huge. According to a recent report of Transparency International Bangladesh (TIB), some Tk. 26,400 crore is being illegally laundered from Bangladesh a year.
 No strategy, new or old, will work effectively and reasons are known to the government.


Tariff
Ibn Sina
Sonali
Add Rate

News Archive

Inside The New Nation

Business & Economy »

The Peninsula Chittagong Limited receives ICSB award for Corporate Governance Excellence


Online Desk :The Institute of Chartered Secretaries of Bangladesh (ICSB) has given the Corporate Governance Excellence Award to The Peninsula Chittagong Limited.A total of 35 listed companies were awarded by the company at the Grand Ballroom of Hotel Radisson Blu Water Garden in Dhaka on Saturday.Commerce Minister Tipu Munshi was ...

Editorial »

The power play of `guilty` or `not guilty`


SOME big fishes are out of the trial of the sensational forgery case over the construction of FR Tower additional floors as their names have been dropped from the accused list keeping the names of their subordinates in the Anti-Corruption Commission charge sheet.The Commission investigator has shown some reasons for ...

International »

China rescues 4 miners after 14 days trapped underground


Reuters :Chinese rescuers pulled four gold miners to safety on Sunday 14 days after they were trapped by an underground explosion, state broadcaster CCTV reported, with at least seven others still believed to be alive in the mine.Footage showed the first miner to be rescued, a black blindfold across his ...

Football »

Sheikh Russel draw with Mohammedans, Muktijoddha beat Arambagh


Sports Reporter :Sheikh Russel Krira Chakra Limited made a 1-1 draw with Dhaka Mohammedan Sporting Club Limited at the Bangabandhu National Stadium on Sunday.Mohammedans led the first half 1-0.Sheikh Russel's defender Sohel Rana touched the ball at the D-box of Sheikh Russel in the injury time of the first half. ...

Entertainment »

Ferdous Ara to receive special honour on Jan 29


Entertainment Report :Ferdous Ara is the country’s one of the renowned Nazrul artistes who is passing 48 years of her career in the field of Nazrul songs. Star Plus Communication is going to honour her at Star Plus Communication Performance Award, which is scheduled to be held at Hotel Sonargaon ...

Business & Economy »

Lub-Ref’s IPO subscription begins from 26 January to 1 February


Online Desk :Lub-Ref (Bangladesh) Limited’s initial public offering (IPO) application will start next Tuesday (January 26) and will continue till 5 pm on Tuesday, February 1. The company will raise Tk 150cr by issuing 4cr 52 lakh 43 thousand 144 shares in the capital market.According to the book building method ...

Editorial »

More attention imperative for girls` education in new normal


Prolonged school closure continues to take its toll on the adolescents as many of them think they may not go back to school anymore for learning gap, economic crisis and early marriage. Nine-month closure of educational institutions made the adolescent girls more vulnerable to early marriage. A recent survey showed ...

City »

State Minister for Shipping Khalid Mahmud Chowdhury, among others, at a seminar on 'Transforming to a Shipbuilding and Exporting Country: Challenges for Bangladesh' organised by the Shipping Ministry in the auditorium of Engineers' Institute in the city on Saturday.


.

International »

U.S. television host Larry King dies


Reuters, Washington :Larry King, who quizzed thousands of world leaders, politicians and entertainers for CNN and other news outlets in a career spanning more than six decades, has died at age 87, CNN reported on Saturday, citing a source close to the family.King had been hospitalized in Los Angeles with ...

Football »

PSG thrash Montpellier to open three-point lead in Ligue 1


Agency :Paris Saint-Germain scored three goals in a four-minute blitz in the second half as they demolished 10-man Montpellier 4-0 on Friday to go three points clear at the top of Ligue 1.Kylian Mbappe bagged a double for his first goals of the year with Neymar and Mauro Icardi also ...

Entertainment »

Shakila Parvin in TVC, dramas, music videos


Sheikh Arif Bulbon :Shakila Parvin is a model and actress. Before appearing on the screen as a model in different TV commercials, she came into limelight to perform as model in a music video of song titled Tor mon parai. According to her, Shakila’s parents call her Mukti, while friends ...

Editorial »

Excess liquidity a big threat to banking sector


REPORT in a national daily on Friday said Bangladesh Bank is in a quagmire sitting on huge excess liquidity from escalating remittance along with implementation of over Tk 2 trillion stimulus packages in one hand while private sector credit demand is quite for lack of investment and lower import bills ...

Football »

Liverpool`s 68-match unbeaten home record ended by Burnley


Agency :Champions Liverpool suffered a shock 1-0 defeat to lowly Burnley on Thursday, ending their 68 match unbeaten home record in the Premier League as their title defense continued to fade.An 83rd minute penalty from Ashley Barnes, after he was brought down by goalkeeper Alisson Becker, decided the contest after ...

Entertainment »

Sabila, Apurba`s Tipu Sultana coming Valentine`s Day


Sheikh Arif Bulbon :Within very short time Ziaul Faruk Apurba and Sabila Nur-starrer drama Exchange, directed by Rubel Hasan, crossed 1 crore views. To cast them again, this time Mohidul Mohim has made a special drama titled Tipu Sultana on the occasion of coming Valentine’s Day. Mohim also wrote story ...

Editorial »

Bangladesh still risks losing EU GSP benefits


Bangladesh is still at risk of losing the European Union's (EU's) generalised system of preferences (GSP) plus as the latter has again warned about its readiness to launch the procedure for withdrawal of preferences in case of the country's failure to produce sufficient results. A news report in a national ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news