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18 August, 2015 00:00 00 AM
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Cabinet approves joint probe into money laundering cases

Special Correspondent

The cabinet yesterday approved the draft of the Money Laundering Prevention (Amendment) Act-2015 allowing two more organisations, the Department of Narcotics and National Board of Revenue (NBR), to investigate money laundering cases and prosecute the accused.
At present, Anti Corruption Commission (ACC) and the police are investigating and prosecuting the money laundering cases.
The draft amendment also proposed four to 12 years’ imprisonment and a fine of Tk 20 lakh or at least double the amount of the said laundered amount in money laundering cases.  
As a result of the move, the ACC would investigate the money laundering offenses relating to corruption and bribe only, while police, the NBR and narcotics department would investigate other predicate offenses.
The approval was given at the weekly cabinet meeting held at the secretariat with Prime Minister Sheikh Hasina in the chair.
“Joint investigations encompassing the four organisations into money laundering cases would now be possible, if necessary, as per the draft act,” Cabinet Secretary M Musharraf Hossain Bhuiyan told reporters after the meeting.
The draft proposal says, “The government is going to strengthen the Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank for investigating the money laundering cases independently.”
As per the draft act, the head of the BFIU would be appointed by the government for four years, the cabinet secretary added.
He also said the draft amendment proposed four to 12 years imprisonment and a fine of Tk 20 lakh or at least double the amount of the said laundered money in money laundering cases.  
He further said the cabinet has also given final approval to the Anti Corruption Commission (Amendment) Act-2015 in light of the Money Laundering Prevention (Amendment) Act.

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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