BFIU, Narcotics Control Directorate team up to fight money laundering
The Bangladesh Financial Intelligence Unit (BFIU) and Narcotics Control Directorate have signed a Memorandum of Understanding to exchange information and increase inter-agency cooperation on prevention of money laundering crimes.
Key points of the MoU include information sharing on suspicious financial transactions, identification of high-risk individuals or entities, joint initiatives for capacity building of both agencies and organisation of training programmes.
The MoU signed on Thursday (8 June) at Bangladesh Bank Head Office in Dhaka is an important one for both organisations in strengthening anti-money laundering efforts, reads a press release.
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Director of BFIU Md Rafiqul Islam and Director of Narcotics Control Directorate Tanveer Mumtaz signed the MoU on behalf of their respective institutions.
The agreement will establish a strong framework for information exchange, cooperation and coordination between the BFIU and the Narcotics Control Directorate for the purpose of combating illicit financial activities in Bangladesh, reads the release.
By leveraging their respective expertise and experience, the two agencies will work to enhance the effectiveness of existing efforts to detect and combat money laundering related schemes, officials present at the event opined.
The mutual cooperation between the two agencies will strengthen and accelerate the detection, investigation and investigation of drug-related financial crimes.
The MoU signing ceremony was attended by other representatives of both BFIU and Narcotics Control Directorate.
