'Dhaka making steady progress on anti-money laundering issues'

FE Report | Published: August 28, 2008 00:00:00 | Updated: February 01, 2018 00:00:00

David Shannon, team leader of the Assessment Team of Asia-Pacific Group (APG) on Money Laundering Tuesday said Bangladesh is progressing steadily on anti money laundering activities.

The APG team, an autonomous and collaborative international organisation founded in 1997 in Bangkok, is currently in Bangladesh to compile a comprehensive report on the country.

The APG conducts mutual evaluation of its members to determine to what extent they comply with their obligations to implement the global anti-money laundering and anti-terrorist financing standards.

The team, which arrived in Bangladesh on August 18, is expected to stay until tomorrow (Friday).

David Shannon said Anti-corruption Commission rules and promulgation of anti money laundering ordinance-2008 have contributed much in improving the country's money laundering situation.

He was addressing a meeting with local business leaders at the conference room of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the city.

The APG team leader said they are assessing money laundering activities through mutual evaluation adding, "the aim of the assessment is to create a level playing field among the countries, especially in the cases related to investment, cash money and good governance."

He also said many developing countries have been found to be involved in 'price manipulation' through under invoicing when they carry out international trades.

Abul Kashem Ahmed, FBCCI first vice president said money laundering has potentially devastating economic, security and social consequences.

He also said money laundering provides the fuel for drug dealers, smugglers, terrorists, illegal arms dealers, corrupt public officials and others to operate and expand their criminal activities.

He also said: "The crime relating to money laundering is increasing internationally day by day and the financial aspects of the crime have become more complex due to rapid advances in technology and globalisation of the financial services industry."