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Combating Money Laundering: The Urgent Need for Political Commitment

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Various institutions, including banks, financial institutions, insurance and brokerages, had sent a total of 14,106 suspicious transaction reports to the BFIU in the last financial year, while the number was 8,571 in the 2021-22 financial year.

BFIU works as a coordination unit of various agencies in the country working to prevent money laundering. Transactions considered suspicious by bank officials are sent to BFIU in the form of 'Suspicious Transaction Report'.

Any large transaction in a low-profile account, withdrawal of large sums of money by a customer in one go, large loans in the name of a small businessman, transfer of money to an unknown account and transactions from an unrelated account are generally considered suspicious transactions. . By banks.

Responding to journalists' question about what the BFIU is doing to stop laundering, BFIU chief Mohammad Masood Biswas said a strong political will is needed to bring back the laundered money.

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