Financial Crime World

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Key Functions of Bangladesh’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulators

Exchange Information and Training Institutions

The following are some of the key functions of BFIU:

  • Exchange information with foreign counterparts through MoU: This allows for collaboration and coordination on AML/CFT efforts.
  • Impart training to officials: Providing training to officials from various organizations helps build capacity and ensures effective implementation of AML/CFT measures.

National Board of Revenue (NBR)

The National Board of Revenue (NBR) is the apex authority responsible for collecting revenue on behalf of the Government of Bangladesh. It was established in 1991 under the National Board of Revenue Act, 1991. NBR’s main functions include:

  • Collecting taxes and other revenues: This includes income tax, value-added tax, customs duty, and other types of taxes.
  • Administering laws related to customs, tax, and other revenue-related matters: NBR is responsible for implementing and enforcing laws related to taxation and revenue collection.
  • Providing advice on taxation policies and procedures: NBR provides guidance on taxation policies and procedures to ensure compliance with relevant laws.

Bangladesh Securities and Exchange Commission (BSEC)

The Bangladesh Securities and Exchange Commission (BSEC) is a regulatory body responsible for overseeing the securities market in Bangladesh. It was established in 1994 under the Bangladesh Securities and Exchange Commission Act, 1994. BSEC’s main functions include:

  • Regulating the securities market: This includes ensuring that companies comply with listing requirements and regulations.
  • Protecting investors’ rights: BSEC works to ensure that investors are protected from fraudulent activities and unfair practices.
  • Ensuring fair trading practices: BSEC promotes fair and transparent trading practices in the securities market.

Directorate of Narcotics Control (DNC)

The Directorate of Narcotics Control (DNC) is a law enforcement agency responsible for controlling and preventing the illicit trafficking of narcotics and psychotropic substances in Bangladesh. It was established in 1978 under the Narcotic Control Act, 1950. DNC’s main functions include:

  • Controlling and preventing the illicit trafficking of narcotics and psychotropic substances: This includes investigating and prosecuting cases related to narcotic trafficking.
  • Seizing and confiscating illicit drugs: DNC is responsible for seizing and confiscating illicit drugs and other contraband materials.
  • Prosecuting offenders under relevant laws: DNC works with the judicial system to prosecute offenders under relevant laws.

In addition to these functions, all three agencies are also responsible for implementing AML/CFT measures.