Dhaka, KL sign MoU on money laundering info exchange

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Bangladesh has signed a memorandum of understanding (MoU) with Malaysia for exchange of information relating to money laundering.

The MoU was signed between the financial intelligence units (FIU) of the two country's central banks in Kuala Lumpur Tuesday, officials said in Dhaka.

"We have signed the MoU with the central bank of Malaysia aiming to exchange information about money laundering that will also help to bring back the money siphoned from Bangladesh to that country," a senior official of the Bangladesh Bank (BB) told the FE.

Under the agreement, the FIU of each central bank will be empowered to share information between them on money laundering.

The central bank of Bangladesh is now working to sign a similar agreement with 25 other countries across the world, the official added.

A high-powered taskforce on repatriation of siphoned off money earlier decided to collect information from 'My Second Home Programme in Malaysia' to know how many Bangladeshi nationals are registered under the scheme.

The government earlier formed a 10-member taskforce, headed by the BB governor, to coordinate efforts of different agencies to bring back such money.

Bangladesh has almost completed preparation to apply for membership of the Egmont Group to operate its financial intelligent unit (FIU) in line with international standard.