The number of reports on suspicious transaction and activities about money laundering and terror financing has increased nearly 64 per cent in the fiscal year 2017-2018 in comparison with that of in the previous fiscal year.
The annual report of Bangladesh Financial Intelligence Unit (BFIU) released on Tuesday showed that the total number of suspicious transaction report (STR) and suspicious activity report (SAR) was increased to 3,878 in FY 2017-18 against 2,357 reports in FY 2016-17.
BFIU, however, does not disclose details about the transactions and people behind such transactions.
Basically, the suspicious transaction reports were filed by reporting entities, namely banks and other financial intermediaries, with the BFIU of the government especially about the cash transaction of Tk 10 lakh or above in a single day.
Of the total reports submitted to BFIU in FY 2017-18, the number of STR and SAR were 2,069 and 1,809 respectively while the figures were 1,267 and 1,090 respectively in FY 2016-17.
BFIU in its report said that the existence of a good number of STR and SAR indicates the presence of strengthened anti-money laundering and counter-terrorism financing.
BFIU received highest number of reports on STR in August 2017 and highest number of SAR in July 2017.
The volume of suspicious transaction, however, decreased in last one year. The amount of suspicious transaction of funds was Tk 921.75 crore in FY18 against Tk 1,163.77 crore in FY17.
The government’s financial intelligence unit prioritises STR and SAR and complaints on the basis of some predefined indicators and then a competent analyst is assigned to analyse it, the annual report said.
In doing so, the analyst collects additional information from reporting organisation, investigation and law enforcement agencies, regulatory authorities, foreign FIUs and open sources intelligence, it said.
After analysis, the case is disseminated to the competent authorities for next course of action, said BFIU.
Of the reports, BFIU disseminated 677 STR and SAR to Anti-corruption Commission, Criminal Investigation Department and National Board of Revenue, among others, for further measures.
Out of the 677 reports, digital hundi-like mobile financial services-related 609 issues were transferred to different agencies by the BFIU, while 25 issues were about fraud, another 21 issues were about financing of terrorism and 8 issues were about illegal trade in narcotics and drugs.
Banks reported the highest number of complaints, 1,672, to BFIU, the report disclosed.