BFIU to work with law enforcers

The Bangladesh Financial Intelligence Unit (BFIU) will work with law enforcement agencies to tackle hundi, online gambling, betting, foreign currency and crypto trading, officials said yesterday.

The decision came at a meeting arranged by the anti-money laundering agency at its office in Motijheel.

The move comes after the BFIU noticed that illegal transactions facilitating cross-border payments and online gambling and betting have increased rapidly in recent years.

BFIU chief Md Masud Biswas presided over the meeting where representatives from the Criminal Investigation Department of Bangladesh Police, the Cyber Crime Department of the Dhaka Metropolitan Police, the Bangladesh Telecommunication Regulatory Commission and the private sector were present.

Biswas asked the representatives to work together to combat illegal activities and take punitive measures against those involved.

The BFIU is interested to share intelligence with others to eliminate hundi, online gambling, betting, forex and crypto trading, he said.

According to a number of BFIU officials, money laundering has increased on the back of hundi and online gambling and this has appeared as a major concern.

Gambling and online betting are banned in Bangladesh but many people are taking part in those activities, sending precious US dollars abroad through gaming accounts, a tendency that is hurting the country's foreign currency reserves.

The BFIU found mobile financial service accounts are being used for online gambling.