Suspicious transaction, activity reports up 62pc in FY22

Suspicious transaction and activity reports in fiscal year 2021-22 shot up 62 per cent year-on-year to 8,570, said Bangladesh Financial Intelligence Unit (BFIU) yesterday. 

Some 93 per cent of the reports were filed by scheduled banks while 5 per cent or the second highest were by those sending remittance, said BFIU Head Md Masud Biswas while unveiling its annual report at Bangladesh Bank.

The revelation by the anti-money laundering and anti-terrorist financing watchdog comes at a time when Bangladesh has been registering gradual depletion of foreign exchange reserves and falling value of its currency taka for high imports.

The BIFU head said imports, namely cars, were falsely declared to be of a low price in an attempt to evade import duties and taxes and the agency was strengthening its vigilance to prevent the malpractice.

During the briefing, the BFIU also talked on deposits of Bangladeshis in Swiss banks.

Biswas said disbursement of loans under stimulus packages declared by the government to help business to overcome the pandemic-induced losses led to an increase in suspicious transactions.

But suspicious transactions do not always mean those are unlawful activities, he said, adding that heightened awareness of reporting organisations was a factor behind the spike in reports of suspicious transitions.

Cash transactions increased in bordering areas, said the agency, suggesting increasing vigilance there.

The BFIU sent 84 reports to various law enforcement agencies last fiscal year, which was higher than the previous year.

At the event, BFIU Additional Director Kamal Hossain said Swiss banks were operating in various countries and money was deposited into those banks from those countries.

Non-resident Bangladeshis kept the money and only three per cent of the total deposits were owned by individuals, he said.

Hossain said Switzerland was revising its laws and it would be possible to gather information of depositors in Swiss banks.