The Bangladesh Jeweller's Association (BAJUS) yesterday said it would work with the Bangladesh Financial Intelligence Unit (BFIU) to combat gold smuggling.

The association will also carry out awareness campaigns among its 40,000 members in order to stop money laundering through gold smuggling.

The two organisations arranged the meeting at the Bangladesh Bank headquarters in Dhaka.

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

The association informed the BFIU that smugglers might be illegally importing gold bars and ornaments worth Tk 73,000 crore per year.

BAJUS also recommended gearing up the drives made by law enforcement agencies to tackle gold smuggling.

A Bangladesh Bank official said a vested quarter collects remittances from migrant workers abroad to purchase gold bars and ornaments with the funds, after which the items are sold in domestic markets.

The cartel then pays the funds owed to the beneficiaries of remittances, which is why the country is now being deprived of a substantial amount of foreign currency, the central bank official said.

Dilip Kumar Agarwala, general secretary of BAJUS, told reporters after the meeting that the country's foreign exchange reserve is now in a precarious position.

But if gold smuggling can be stopped, the reserves will get a boost, he said.