Thrust on taking tough action against illegal forex transactions

A high-profile meeting on Thursday suggested taking tough action against illegal hundi, online gambling, betting, forex, and crypto currency trading as they have been impacting the economy adversely.
It also stressed the need for greater coordination among the agencies like mobile financial service (MFS) providers, departments of payment systems and foreign currency policies for preventing such illegal trading.
Heads of the MFS providers were present at the meeting at Bangladesh Bank, presided over by Masud Biswas, head of the Bangladesh Financial Intelligence Unit (BFIU).
The chiefs of the MFS providers assured the meeting that they would strengthen the KYC (Know Your Clients) to help prevent such illegal transactions. They would also launch campaigns to inform people about the adverse impact of such illegal transactions on the economy.
The meeting observed that such trading has increased recently as the gamblers or other people involved in such trading have been taking advantage of digital transaction platforms.

jasimharoon@yahoo.com