BB starts probe into money laundering by BASIC Bank

The central bank has started investigation into alleged money laundering by the scam-hit BASIC Bank, a top central banker said.
 "Our financial intelligence unit (FIU) is now working on the issue," Abu Hena Mohammad Razee Hassan, deputy governor of the Bangladesh Bank (BB), told reporters while replying to a query Saturday.
He also said the BB will collect information relating to money laundering from overseas countries, if  needed.
Bangladesh, as a member of the Egmont Group, a forum of the Financial Intelligence Units (FIUs) of different countries, is now empowered to exchange information on money laundering and terror financing among its member-countries.
The Group has now 147 members across the world to promote and enhance international cooperation in anti-money laundering and counter-terrorist financing and to help implement domestic programmes in this field.
 "We've also signed memorandum of understanding (MoU) with different countries to exchange information on money-laundering matters," the deputy governor noted.
He also said the BB will submit information on money-laundering, if anything is detected specifically, to the Anti-Corruption Commission (ACC) for taking legal action against the accused.
The BB earlier found different types of irregularities by the BASIC Bank in providing loans including non-verification of customer's creditworthiness, absence of 'Know Your Customer' (KYC) procedures, and extending loans to defaulters.
The BB investigations detected financial irregularities involving around Tk 45 billion of loans in three branches located at Gulshan, Dilkusha and Shantinagar in Dhaka between 2009 and 2013.
Earlier on July 15 last, the BB sent a 47-page detailed investigation report on the BASIC Bank to the ACC for taking legal action against the accused behind the scam.
 "We hope that the ACC will take necessary actions in this connection," SK Sur Chowdhury, deputy governor of the BB, told reporters.