Here’s the rewritten article in markdown format:
Bangladesh Financial Intelligence Unit (BFIU)
Establishment and Nature of BFIU
The Bangladesh Financial Intelligence Unit (BFIU) was established as per the provision of section 24 of the Money Laundering Prevention Act (MLPA) 2012, taking over from the Anti-Money Laundering Department (AMLD), which was set up in June 2002 by Bangladesh Bank. The MLPA ensures operational autonomy for BFIU.
Main Functions of BFIU
The main functions of BFIU include:
- Receiving Suspicious Transaction/Activity Reports (STRs/SARs) from reporting organizations and Cash Transaction Reports (CTRs) from banks and financial institutions.
- Analyzing STRs/SARs and CTRs, and complaints received from different sources.
- Producing financial intelligence reports and disseminating them to investigating agencies for further action.
- Maintaining a database of all STRs/SARs, CTRs, and related information.
- Issuing necessary directions and guidance notes for reporting organizations to prevent money laundering (ML), terrorist financing (TF), and proliferation financing (PF) activities.
- Ensuring compliance with respective Acts and Rules/Regulations/Directives through onsite and off-site supervision of reporting organizations.
- Monitoring the implementation of UNSC Resolutions, including UNSCR 1267 and its successors, UNSCR 1373, and UN Security Council Resolutions related to proliferation financing of weapons of mass destruction.
Authorities and Responsibilities of BFIU
BFIU’s authorities and responsibilities are mentioned in the MLPA, 2012, Anti-Terrorism Act (ATA) 2009, and Rules thereunder. According to Section 23 of MLPA, BFIU has the following authorities and responsibilities:
Analysis and Review of Information
- Analyze or review information related to cash transactions and suspicious transactions received from any reporting organization and information obtained through any other sources.
- Collect necessary additional information relating thereto for the purpose of analyzing or reviewing.
Obtaining Information and Reports
- Obtain necessary information or report from reporting organizations, notwithstanding anything contained in any other law.
Freezing Transactions and Accounts
- Issue an order to any reporting organization 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 any offence or money of an account has been obtained through committing any offence.
Restraint and Confiscation of Property
- Restrain and confiscate property involved in the commission of offence or proceeds derived from the commission of offence.
- Restrain and confiscate any interest accrued on such property after confiscation and any other increase in value thereof.
Taking Possession, Management, and Disposal of Property
- Take possession of, manage and dispose of such property as may be required for the purpose of this Act.
Freezing Assets and Issuing Warning Notices
- Freeze account or any other asset belonging to a person if there are reasonable grounds to believe that such person is involved in commissioning offence.
- Issue warning notice to any person who has committed or about to commit an offence.
Investigation, Inquiry, and Prosecution
- Investigate and inquire into matters related to the offence of money laundering and terrorist financing.
- Conduct prosecution against a person who has committed an offence.
- Take action against a person involved in commission of offence.
- Provide information to relevant authorities or agencies if necessary for investigation and inquiry.
Miscellaneous Authorities and Responsibilities
- Obtain assistance from other agencies if necessary for investigation and inquiry.
- Restrain and confiscate property if there are reasonable grounds to believe that such property has been obtained through committing an offence.
- Conduct prosecution against a person who is involved in commission of offence.