In line with international initiatives
and standards, Bangladesh
promulgated the Money Laundering
Prevention Act (MLPA), 2002.
Subsequently, MLPA, 2009 was
enacted to expand the definition
of money laundering and coverage
of the offence. To strengthen the
AML/CFT regime of Bangladesh and
meet the international standards,
MLPA, 2012 was promulgated repealing the MLPA, 2009 and
Anti-Terrorism Act (ATA), 2009 as
amended in 2012 and 2013. Both
Acts have empowered Bangladesh
Bank (BB), thus Bangladesh
Financial Intelligence Unit (BFIU) to
perform an anchor role in combating
money laundering and terrorist
financing.
According to section 25 (2) of MLPA, 2012, if any reporting organisation violates the directions mentioned in sub-section (1) of section 25 of MLPA, 2012, Bangladesh Bank may impose a fine of at least BDT50,000 but not exceeding BDT2,500,000 on the reporting organisations. Additionally, Bangladesh Bank may cancel the license or the authorisation for carrying out commercial activities of the said organisation or any of its branches, service centres, booths or agents. Alternatively, the Central Bank shall inform the corresponding registration or licensing authority about the violation for the relevant authority to take appropriate measures against the organisation.
According to section 25 (2) of MLPA, 2012, if any reporting organisation violates the directions mentioned in sub-section (1) of section 25 of MLPA, 2012, Bangladesh Bank may impose a fine of at least BDT50,000 but not exceeding BDT2,500,000 on the reporting organisations. Additionally, Bangladesh Bank may cancel the license or the authorisation for carrying out commercial activities of the said organisation or any of its branches, service centres, booths or agents. Alternatively, the Central Bank shall inform the corresponding registration or licensing authority about the violation for the relevant authority to take appropriate measures against the organisation.
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