Bangladesh to launch drive against corruption
Bangladesh plans to bring in tighter controls to check money laundering from possible terrorist outfits.world Updated: Jan 04, 2006 14:28 IST
Goaded by the recent spurt in terrorist activity, Bangladesh plans to bring in tighter controls to check money laundering and inflow of funds from possible terrorist outfits.
The country's central bank will organise a yearlong training and awareness programme aimed at making money laundering prevention regulations more effective.
The major components of the programme, expected to start from mid-January, are to train commercial bank officials.
The central bank will also take up a public awareness programme through the media, highlighting the negative effects of money laundering.
"The bank managers of the commercial banks have to be updated on anti-money laundering procedures," said a senior official of the central bank.
He said when branch managers became well versed with the procedures, the risk of money laundering through banks would be lowered.
Under the programme, different banks will organise managers' conferences between January and June where central bank officials will present different rules and regulations of anti-money laundering. Some 5,992 branches of Bangladesh Bank will be covered under the drive.
Later in the year, anti-money laundering compliance officers will be updated about regulations needed to check money laundering.
"We have already set rules and regulations but implementation is still limited due to the lack of proper response from the banks," the official said.
The central bank has also made it mandatory to report cash transaction of or above half a million taka with effect from April 1, 2006. It is optional for banks to begin reporting this from January 1, 2006.