Suspicious transactions increased by 62% in the outgoing financial year: BFIU
Suspicious transaction reports (STR) and suspicious activity reports (SAR) increased by 62% in the outgoing financial year due to an increase in cash transactions in the financial sector after Covid, said Bangladesh Financial Intelligence Unit (BFIU).
"In fiscal 2021-22, the BFIU received a total of 8,571 suspicious transaction reports (STR) and suspicious activity reports (SAR) from reporting agencies," said BFIU chief Masud Biswas during an exchange meeting with journalists on Monday (31 October).
In the fiscal year 2021-22, the total number of STR and SAR was 5,280, he added.
On Wednesday (26 October), the BFIU informed the High Court that it wants to sign agreements with 10 countries in a bid to fight money laundering. A report in this regard was submitted to the court, which instructed the BFIU to finish the task within three months.
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The BFIU is planning to sign deals with the US, the UK, Canada, Singapore, Australia, Malaysia, the UAE, Switzerland, Thailand, Hong Kong and China to exchange information, evidence and other necessary assistance to recover laundered money.
According to the BFIU report, the Bangladesh Bank has been requested to ensure manpower for the proposed research cell that will identify money launderers and repatriate money illegally sent abroad.
