APG experts start assessing country's position in curbing money laundering
FE Report | Tuesday, 19 August 2008
A five-member expert team from the Asia Pacific Group of Money Laundering (APG) has started assessing the country's overall performance in curbing money laundering and alleged terror financing.
The team, headed by David Shannon, met with Bangladesh Bank (BB) governor, deputy governor, executive director and senior officials of the central bank Monday as it started its assessment job, officials said.
During its 12-day visit, the expert team will meet both public and private sector leaders and key officials to know about compliance situation of the existing Anti-money Laundering Act and the relevant rules and regulations being followed by the Financial Action Task Force on Money Laundering (FATF).
The team will also assess the progress in implementation of recommendations of the FATF that has already approved 49 of them to curb money laundering and terror financing, according to the officials.
The FATF is an inter-governmental body, whose job is to develop and promote policies, both national and international, to combat money laundering and check financing of terrorism.
"The team is conducting evaluation of the country's measures on curbing money laundering and terror financing in line with the FATF's recommendations ," a BB senior official told the FE, adding that the assessment may help obtain the membership of the Egmont Group.
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.
The central bank will seek such membership at a meeting scheduled to be held sometime in 2009, they added.
Toronto-based Egmont Group, formed in 1995, is the coordinating body for the international group of FIUs. It has now 106 members across the world to promote and enhance international cooperation in anti-money laundering and counter-terrorist financing.
Bangladesh is now serving as a member of the APG, a regional anti-money laundering body, which is a part of the global network.
The team, headed by David Shannon, met with Bangladesh Bank (BB) governor, deputy governor, executive director and senior officials of the central bank Monday as it started its assessment job, officials said.
During its 12-day visit, the expert team will meet both public and private sector leaders and key officials to know about compliance situation of the existing Anti-money Laundering Act and the relevant rules and regulations being followed by the Financial Action Task Force on Money Laundering (FATF).
The team will also assess the progress in implementation of recommendations of the FATF that has already approved 49 of them to curb money laundering and terror financing, according to the officials.
The FATF is an inter-governmental body, whose job is to develop and promote policies, both national and international, to combat money laundering and check financing of terrorism.
"The team is conducting evaluation of the country's measures on curbing money laundering and terror financing in line with the FATF's recommendations ," a BB senior official told the FE, adding that the assessment may help obtain the membership of the Egmont Group.
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.
The central bank will seek such membership at a meeting scheduled to be held sometime in 2009, they added.
Toronto-based Egmont Group, formed in 1995, is the coordinating body for the international group of FIUs. It has now 106 members across the world to promote and enhance international cooperation in anti-money laundering and counter-terrorist financing.
Bangladesh is now serving as a member of the APG, a regional anti-money laundering body, which is a part of the global network.