Guidance Notes on Prevention of Money Laundering
Guidance notes on prevention of Money Laundering
Definition of Money Laundering:
A definition of what constitutes the offence of money laundering under Bangladesh law is set out in Section 2 (Tha) of the Prevention of Money Laundering Act 2002 (Act No. 7 of 2002) which is read as follows: “Money Laundering means - (Au) Properties acquired or earned directly or indirectly through illegal means; (Aa) Illegal transfer, conversion, concealment of location or assistance in the above act of the properties acquired or earned directly or indirectly through legal or illegal means.
Responsibilities of Bangladesh Bank towards Money Laundering:
The Act gives Bangladesh Bank broad responsibility for prevention of money laundering and wide-ranging powers to take adequate measures to prevent money laundering, facilitate its detection, monitor its incidence, enforce rules and to act as the prosecuting agency for breaches of the Act. The responsibilities and powers of Bangladesh Bank are- ❖ To investigate into all money-laundering offences. ❖ Supervise and monitor the activities of banks, financial institutions and other institutions engaged in financial activities. ❖ Call for reports relating to money laundering from banks, financial institutions and other institutions engaged in financial activities analyze such reports and take appropriate actions. ❖ Provide training to employees of banks, financial institutions and other institutions engaged in financial activities on prevention of money laundering. ❖ To authorize any person to enter into any premises for conducting investigations into money laundering offences. ❖ Persons authorized by Bangladesh Bank to investigate offences can exercise the same powers as the Officer in Charge of Police Station can exercise under the Code of Criminal Procedure. ❖ To do all other acts in attaining the objectives of the Act. ❖ The Courts will not accept any
Definition of Money Laundering:
A definition of what constitutes the offence of money laundering under Bangladesh law is set out in Section 2 (Tha) of the Prevention of Money Laundering Act 2002 (Act No. 7 of 2002) which is read as follows: “Money Laundering means - (Au) Properties acquired or earned directly or indirectly through illegal means; (Aa) Illegal transfer, conversion, concealment of location or assistance in the above act of the properties acquired or earned directly or indirectly through legal or illegal means.
Responsibilities of Bangladesh Bank towards Money Laundering:
The Act gives Bangladesh Bank broad responsibility for prevention of money laundering and wide-ranging powers to take adequate measures to prevent money laundering, facilitate its detection, monitor its incidence, enforce rules and to act as the prosecuting agency for breaches of the Act. The responsibilities and powers of Bangladesh Bank are- ❖ To investigate into all money-laundering offences. ❖ Supervise and monitor the activities of banks, financial institutions and other institutions engaged in financial activities. ❖ Call for reports relating to money laundering from banks, financial institutions and other institutions engaged in financial activities analyze such reports and take appropriate actions. ❖ Provide training to employees of banks, financial institutions and other institutions engaged in financial activities on prevention of money laundering. ❖ To authorize any person to enter into any premises for conducting investigations into money laundering offences. ❖ Persons authorized by Bangladesh Bank to investigate offences can exercise the same powers as the Officer in Charge of Police Station can exercise under the Code of Criminal Procedure. ❖ To do all other acts in attaining the objectives of the Act. ❖ The Courts will not accept any