Bangladesh Curbs TBML

On a positive note, Bangladesh has experienced a sharp decline in trade-based money laundering in recent months “following intensifying monitoring about over and under- invoicing prices of imported products by banks and central bank”, according to a report on Bangladesh’s Banking Sector Outlook 2023 that the Association of Bankers, Bangladesh (ABB) made public on 22 May 2023.

In writing on the report’s release, The Financial Express informed that top executives within the country’s banking sector admitted that bankers had “little idea about the perception on trade-based money laundering even a few years ago” but that close monitoring of imported and exported goods pricing has helped curb the illegal outflow of foreign currencies from Bangladesh.

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