The Bangladesh Financial Intelligence Unit (BFIU) has directed all reporting organisations to immediately inform it of details of other accounts related to any account after receiving an order to suspend transactions in that account. The directive, issued today, is addressed to managing directors and chief executive officers of all reporting organisations. According to the circular, once a reporting organisation receives an order from the BFIU to suspend transactions in any account, it must promptly provide the BFIU with information on the concerned account as well as details of other accounts associated with it.
The BFIU issued the instruction in accordance with Rule 26(4) of the Money Laundering Prevention Rules, 2019, framed under the Money Laundering Prevention Act, 2012 (amended in 2015). The circular said the directive has also been issued under the powers conferred by Section 23(1)(Gha) of the Money Laundering Prevention Act, 2012 (amended in 2015), and Section 15(1)(Gha) of the Anti-Terrorism Act, 2009 (amended in 2013).
The Bangladesh Financial Intelligence Unit (BFIU) plays a critical role in the country's efforts to combat money laundering and terrorist financing. As the financial intelligence agency, it collects, analyses, and disseminates information related to suspicious financial transactions. This new directive aims to enhance the effectiveness of these efforts by ensuring that all related accounts are identified and monitored, thereby preventing the movement of illicit funds through alternative channels.
Reporting organisations, which include banks, financial institutions, and other entities regulated under the Money Laundering Prevention Act, are now required to maintain a higher level of vigilance. Upon receiving a freeze order from the BFIU, these organisations must not only halt transactions in the specified account but also gather and report comprehensive data on any associated accounts. This information will aid the BFIU in constructing a complete financial profile of the entities under investigation.
The BFIU has asked all concerned reporting organisations to ensure compliance with the instruction and provide the required information to the financial intelligence agency without delay. This directive underscores the importance of timely and accurate reporting in the fight against financial crimes. By ensuring that all related accounts are identified and reported, financial institutions can play a pivotal role in supporting law enforcement efforts to disrupt illicit financial networks.
