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Thursday, 3 December 2020

Bangladesh Financial Intelligence Unit

 





The Bangladesh Financial Intelligence Unit (BFIU) is Bangladesh's central body for the prevention of money laundering and terrorist financing. Analyzes information and provides it to law enforcement agencies. The main goals of the organization are to prevent money laundering, to prevent the financing of terrorism and to establish effective measures to prevent the proliferation of weapons of mass destruction.





History 





The Bangladesh Financial Intelligence Unit was formed in June 2002 under the auspices of the Bangladesh Bank under the name 'Anti Money Laundering Department or AML'. Known as. According to Section 24 of the said Act, the Anti Money Laundering Department was renamed as Bangladesh Financial Intelligence Unit.





Goals, objectives and activities 





  • Establish a functioning Financial Intelligence Unit;
  • To play an important role in ensuring effective money laundering prevention and counter-terrorism financing in Bangladesh;
  • Assist in the development and advancement of information technology and infrastructure to ensure the adoption of advanced technology and a strong reporting environment;
  • To ensure the uninterrupted flow of information to prevent money laundering and terrorist financing, to ensure the participation of all parties involved;
  • To play an active role in global money laundering and counter-terrorism financing initiatives and to ensure maximum cooperation at the international level;
  • To adopt effective approaches to identify and address new strategies for money laundering, terrorist financing and surgical financing of mass destruction; And
  • Raising awareness about money laundering and terrorist financing across the country.





Reporting Agency or reporting agencies 





  • Bank
  • Financial institutions
  • Insurance company
  • Money changer
  • Stock dealers and stock brokers
  • Portfolio Manager and Merchant Banker
  • Non-profit organization
  • Non-governmental organizations
  • Cooperative Society
  • Real estate developer
  • Lawyers, notaries, other legal professionals and accountants
  • Any organization or institution involved in remittances or transfers and
  • Any other organization or institution which conducts business with the approval of Bangladesh Bank.





Manage 





The head of the Bangladesh Financial Intelligence Unit is a Deputy Governor of Bangladesh Bank. An executive director and a general manager under the deputy governor. The General Manager will be under two Assistant General Managers. An Assistant General Manager will be in charge of the Administrative Wing, Policy and International Wing, and Analysis Wing. The other Assistant General Manager will be the Monitoring and Supervision Wing and the Complaints Supervision and Information Exchange Wing.

















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