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Bangladesh Financial Intelligence Unit (BFIU)

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Establishment and Nature

The Bangladesh Financial Intelligence Unit (BFIU) was established in 2012 as per the provision of section 24 of the Money Laundering Prevention Act (MLPA) 2012. Prior to its establishment, it was known as the Anti-Money Laundering Department (AMLD), which was set up by Bangladesh Bank in June 2002.

Key Points

  • BFIU was established in 2012 under MLPA 2012.
  • AMLD was previously established by Bangladesh Bank in June 2002.

Main Functions

The BFIU performs the following key functions:

  • Receive Suspicious Transaction/Activity Reports (STRs/SARs) from reporting organizations and Cash Transaction Reports (CTRs) from banks and financial institutions.
  • Analyze STRs/SARs and CTRs, and produce financial intelligence reports for investigating agencies.
  • Maintain a database of all STRs/SARs, CTRs, and related information.
  • Issue directions and guidance notes to prevent money laundering, terrorist financing, and proliferation financing activities.
  • Ensure compliance with respective Acts and Rules/Regulations/Directives through onsite and off-site supervision of reporting organizations.

Key Responsibilities

  • Analyze or review information related to cash transactions and suspicious transactions received from reporting organizations.
  • Obtain necessary information or reports from reporting organizations.
  • Issue orders to suspend or freeze transactions of any account for a maximum of 7 (seven) times by 30 (thirty) days each if there are reasonable grounds to suspect that any money or property has been deposited into the account by committing an offense.

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