Illegal transactions are on the rise through hundi, online gambling, gaming, betting, forex and cryptocurrency trading. By exploiting digital payment systems including mobile banking, these crimes are simplifying and speeding up the hundi process. As a result, money laundering is increasing on the one hand. On the other hand, the country is losing a lot of foreign exchange. The economy is suffering.
This information was conveyed in a meeting participated by the Bangladesh Financial Intelligence Unit (BFIU), Bangladesh Bangladesh Bank’s Payment Systems Department and Foreign Exchange Policy Department and the MDs and CEOs of bKash, Nagad, Rocket and Upay. The meeting held at Bangladesh Bank on Thursday (September 7) and was chaired by BFIU chief Md. Masood Biswas; He highlight the current situation of illegal hundi, online gambling, gaming, betting, forex and crypto trading. He stressed on all organizations working together. He also called for coordinating the work of the related organizations and taking strict disciplinary action against those involved in the process. The BFIU chief also urged to increase awareness about illegal hundi, online gambling, betting, forex and cryptocurrency trading.
It was informed in the meeting that BFIU is working together with other organizations to stop all types of money laundering as the central organization of Bangladesh to prevent money laundering and terrorist financing. To prevent all these crimes, BFIU has already continued awareness raising activities through various media including electronic and print media. Also BFIU is constantly providing information on this matter to law enforcement agencies. The website, app, Facebook page and YouTube links are being forwarded to the law enforcement and regulatory agencies for taking necessary measures to identify them. Recently, the concerned ministry has been requested to take necessary measures to stop the advertisement campaign related to online betting and gambling on electronic and OTT platforms.
In this regard, the officials of mobile financial services providers pledged to strengthen customer KYC procedures and transaction monitoring to stop misuse of their services. The heads of MFS institutions participating in the meeting also said to work together to prevent illegal hundi, online gambling, gaming, betting, forex and crypto trading. Besides, MFS organizations agreed to take more vigorous steps to increase awareness at agent and customer level.
Regarding the meeting, the central bank said that there has been an increase in illegal transactions through hundi, online gambling, gaming, betting, forex and cryptocurrency trading. By exploiting the digital payment system, these crimes are simplifying and speeding up the hundi process. As a result, money laundering is increasing on the one hand and the country is losing a lot of foreign exchange on the other hand. As a result, the country’s economy is suffering.