Bangladesh government on October 11, 2015 through an ordinance, amended the Money Laundering Prevention Act 2012.
First anti-money laundering legislation of Bangladesh is the Money Laundering Prevention Act, 2002. It was replaced by the Money Laundering Prevention Ordinance 2008. Subsequently, the ordinance was repealed by the Money Laundering Prevention Act, 2009. In 2012, government again replace it with the Money Laundering Prevention Act, 2012.
Key Changes#
Investigation agency#
From now on Anti-corruption commission, Police and any other agency nominated by Bangladesh Financial Intelligence Unit (BFIU) may conduct any investigation. Previously only ACC was allowed to conduct investigation for money laundering related crimes.
Definition of human trafficking#
The definition of human trafficking is extended. Now, receiving money by giving fraudulent promise to send abroad will be considered as crime under money laundering.
Increased punishment#
The monetary punishment is now up to 20 lacs increasing from previous 10 lacs.
Change in Bangladesh Financial Intelligence Unit#
The structure of the Bangladesh Financial Intelligence Unit will change. It will be a separate agency under the Bangladesh Bank. It will have seal, letterhead and will be supported by Bangladesh bank. According to the amendment, the government will appoint the chief of the Bangladesh Financial Intelligence Unit with the status of a deputy governor of Bangladesh Bank. The appointment will be made through a search committee, which would include the Bangladesh Bank governor.