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Bangladesh: Government to Amend All Acts on Money Laundering by Next June
Source: unbconnect.com
Source Date: Wednesday, September 08, 2010
Focus: Electronic and Mobile Government, Institution and HR Management
Country: Bangladesh
Created: Sep 13, 2010

Finance Minister AMA Muhith on Wednesday hoped that the government would be able to amend all kinds of acts relating to money laundering aimed at preventing it by June next year.

“A framework will be prepared on the Action Plan that we will have. We hope to amend all kinds of acts by June next year,” he told reporters after holding a meeting on anti Money laundering at the Ministry of Finance.

Talking to reporters after the meeting, the Finance Minister said that the existing acts on money laundering should be redesigned in a way so that it could reach international standards.

He said that a delegation would go to Sydney this month where the Action Plan, prepared by the government, would be submitted before the Asian Group meeting for their consideration.

“After being discussed in the meeting in Sydney, the Action Plan will be finalized,” he said adding that different sources will be incorporated to get information from different sources.

He informed that information will be collected from the stock market on different sources of investment very shortly.

Besides, technical assistance will be taken from the Asian Group to amend different acts and laws. However, a new law will be enacted to facilitate international linkage styled as focal point.

Answering a question, the Finance Minister said that the initiative to amend acts will not make any impact on investment in the capital market.

“The investment may decrease a bit if such money comes to a huge extent,” he said adding that “If the source of the money is known, you could know whether the purpose is honest and dishonest.”

Earlier in August, the Finance Minister said that the Anti-Money Laundering Act and the Anti-Terrorism Financing act would be amended in order to conform to international standards.

Bangladesh Bank Governor Dr. Atiur Rahman and NBR Chairman Dr. Nasir Uddin Ahmed, among others attended the day’s meeting.
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