Laundered money: Tk 1,294cr confiscated since FY17

The Bangladesh Financial Intelligence Unit (BFIU) has confiscated Tk 1,294 crore from money launderers since the fiscal year of 2016-17 as per court orders, said the agency yesterday.

A total of 46 court cases were involved in the confiscation process.

In addition, Tk 1,330 crore was seized since FY16 from entities and persons who were allegedly involved in money laundering.

Kamal Hossain, additional director of the BFIU, disclosed the information while sharing the organisation's initiatives to fight money laundering at a seminar at the International Convention City Bashundhara in Dhaka.

The BFIU, the national body dedicated to preventing money laundering and terrorist financing, organised the event to mark its 20th anniversary.

Speaking at the ceremony, Fazle Kabir, governor of the Bangladesh Bank, said bankers have a bigger role in stopping money laundering and terrorist financing.

Bankers have a bigger role to play in stopping money laundering and terrorist financing, said Fazle Kabir, governor of Bangladesh Bank

The government has adopted a zero-tolerance policy against terrorism, he said, urging banks to comply with rules and regulations so as to tackle money laundering in an effective manner.

Sheikh Mohammad Salim Ullah, secretary of the Financial Institutions Division of the finance ministry, said bankers should give all-out efforts to tackle money laundering.

Selim RF Hussain, chairman of the Association of Bankers, Bangladesh, a platform for managing directors of banks, said that the BFIU has contributed to raising awareness against money laundering.

Fazle Kabir also touched upon the ongoing higher inflation and the foreign exchange pressure in the financial sector.

The country's foreign currency reserves now stand at $41.5 billion, which is enough given the current trend of imports.

As per global standard, a country has to ensure a reserve of American greenbacks that can settle import payments for at least three months, Kabir said.

"Bangladesh will need $21.5 billion to settle import payments in the next three months, so the country is in a comfort zone. But there is no scope to feel complacency."

Md Masud Biswas, chief of the BFIU, presided over the meeting.