BB makes vessel container tracking mandatory
The Bangladesh Bank has asked the authorised dealer banks to conduct tracking of vessel containers through a tracking system recognised by the competent authorities in a bid to prevent money laundering in the name of export.
The Foreign Exchange Policy Department of the BB issued a circular Wednesday in this connection to ensure the shipment of declared export items.
According to the BB, it has been found that money is arriving even without any shipment, thus creating money laundering scope in the name of export.
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As per the new rule, the banks would ensure whether a shipment has been made or not against the received payment by tracking the containers.
Earlier, the tracking of shipments was mandatory for availing cash incentives against exports executed through transport documents issued by freight forwarders.
A senior BB official said that shipment tracking has been made mandatory under the 'Infrastructure Level Risk Assessment of Guidelines for Prevention of Trade-Based Money Laundering' issued by the Bangladesh Financial Intelligence Unit (BFIU).
