Int'l firm may dig out info on money laundered from BD

Int’l firm may dig out info on money laundered from BD

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Dhaka, 04 Feb – The National Board of Revenue (NBR) is planning to appoint an international accounting firm to dig out information about money laundered from the country, said NBR chairman Md Mosharraf Hossain Bhuiyan.‘We are considering signing a memorandum of understanding (MoU) with the firm so that it could collect information related to money laundering occurred from the country,’ he said at a MoU signing with the Bangladesh Financial Intelligence Unit of the Bangladesh Bank yesterday.
The NBR and BIFU signed the agreement to exchange of information and enhance cooperation on money laundering and terrorism financing.
NBR chairman, however, declined to disclose the name of the firm before signing the MoU.
The firm has experiences in working in the field in other countries and has also presence in Bangladesh, he said.
Replying to a question on the Global Financial Integrity’s figure of capital flight from the country, Mosharraf said that the amount was not always authentic
Different government agencies including Anti-Corruption Commission, NBR and BIFU are working for detecting and bringing back the illicitly drained out money, he said, adding that the firm may also find out the information.
Washington-based GFI in report in 2017 estimated that some $ 61.6 billion drained out from Bangladesh during 2005-2014.
The Money Laundering Prevention (amendment) Act-2015 empowered the revenue board to investigate into money laundering issues related to taxes.
In the situation, the NBR signed the MoU with the BFIU on information sharing to prevent illicit financial outflows and terrorism financing as the central bank’s agency has cooperation agreement with financial intelligence agencies of 56 countries.
BFIU has also taken initiative to sign such agreements with some other local agencies including ACC and Bangladesh Police to boost cooperation in the field.
Bangladesh Bank executive director, also deputy head of BFIU, Mijanur Rahman Joddar and NBR member (board administration) SM Ashfaq Hussain signed the agreement on behalf of respective sides. – Staff Reporter

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