Trade-based money laundering trimmed: Association of Bankers
Trade-based money laundering has come down in Bangladesh as monitoring by banks and the central banks has helped curb over and under-invoicing of the prices of imported goods, said the Association of Bankers Bangladesh (ABB) today.
The awareness regarding trade-based money laundering was low four years ago, but over- and under-invoicing of values have reduced as prices are monitored, ABB Chairman Selim RF Hussain said at a press conference.
The ABB organised the event at Brac Bank headquarters in Dhaka to share its "Bangladesh's Banking Sector Outlook 2023".
The ABB said the overall situation in the banking sector and the economy, which came under pressure amid stress on foreign currency reserves a year ago, has improved owing to the measures taken by the Bangladesh Bank.
Overall imports have declined to around $4.5 billion per month now from around $7 billion earlier, said ABB Vice-Chairmen Mashrur Arefin.
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