Business Report :
Bangladesh Bank Governor Abdur Rouf Talukder on Monday said it was his initiative to stop over-invoicing in the last two years since his tenure began which successfully pulled down the dollar price in the kerb market.
Inaugurating a training course titled “Smart Investigation Model for The CID Officers” at the Criminal Investigation Department’s headquarters in the capital; he also noted that remittance flow had improved compared to previous years.
“When I joined the Bangladesh Bank in July 2022, the country was facing enormous problems with reserves and the economy. What I had started was a fight against trade-based money laundering,” Rouf said.
“We had to start with a new solution to combat such trade-based money laundering. In this method of laundering, money is siphoned off to another country through over-invoicing.”
He said after joining the central bank, a joint operation with the CID and National Security Intelligence was launched against money changers.
“In late 2022 and prior to 2023, money changers inflated the price of the dollar illegally, but we could bring down the price to a sufficient rate,” he added.
The governor said $45 to $50 million transactions are done through money changers in the country every year.
About $270 billion in transitions are made in the banking channel.
But despite a small fraction of transactions, when money changers hiked the dollar rate, many expatriates tried to hold on to remittances. This is how the dollar crisis was created, Rouf pointed out.
On the issue of remittance, he said many expatriates did not opt for the formal banking channels to send money back home.
“Hundi is one of the biggest challenges of our time.
Mobile banking and BFIU teams are relentlessly working to curb the illegal hundi transactions.
Now, we’re working with artificial intelligence that means when money is about to be laundered we will catch it immediately,” he said.
On the use of MFS accounts to transfer money from abroad, he said 200 such illegally operated accounts are being closed every day.
He also urged all to be alert to cybercrimes, including those that deal with online gambling and trade in cryptocurrencies.
CID Chief Additional Inspector General of Police Mohammad Ali Miah presided over the session.
