Amid Bangladesh’s rapidly expanding foreign trade, trade-based money laundering has become a major concern for the banking industry, a recent survey by the Bangladesh Institute of Bank Management has found. This includes over- and under-invoicing of goods and services and mis-declaration of goods.
The survey also said that money laundering is being facilitated by collusion between importers, exporters and bank officials who are at times getting involved in these illegal transactions. Having agreed with this, Moinul Khan, commissioner of Customs Valuation and Internal Audit Commissionerate, said that, “There is a minimum price limit for products but no maximum limit, as a result, fraudsters can easily launder money.”
If we put this together with the findings of a Global Financial Integrity (GFI) report titled, “Illicit Financial Flows (IFFs) to and from Developing countries: 2005-2014,” the picture becomes much clearer and concerning at the same time. According to the GFI report, between 2005 and