Financial Crime World

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A.3.1 Establishment and Nature of BFIU

The Bangladesh Financial Intelligence Unit (BFIU) was established as per Section 24 of the Money Laundering Prevention Act (MLPA), 2012. It was previously known as the Anti-Money Laundering Department (AMLD), which was renamed in 2012.

Key Provisions

  • BFIU has operational autonomy.
  • It has a separate seal and letterhead pad, office within Bangladesh Bank premises, and necessary facilities provided by Bangladesh Bank.
  • The Chief Officer of BFIU is appointed contractually by the Government through a scrutiny committee headed by the Governor of Bangladesh Bank.

A.3.2 Main Functions of BFIU

The primary functions of BFIU include:

Receiving Suspicious Transaction/Activity Reports (STRs/SARs) and Cash Transaction Reports (CTRs)

  • Receiving STRs/SARs from reporting organizations
  • Receiving CTRs from banks and financial institutions

Analyzing Reports and Producing Financial Intelligence

  • Analyzing STRs/SARs and CTRs
  • Producing financial intelligence reports for investigating agencies

Maintaining Database and Issuing Directions

  • Maintaining a database of all STRs/SARs, CTRs, and related information
  • Issuing directions and guidance notes to prevent money laundering (ML), terrorist financing (TF), and proliferation financing (PF) activities

Ensuring Compliance and Monitoring Implementation

  • Ensuring compliance with the respective Acts and Rules/Regulations/Directives through onsite and off-site supervision of reporting organizations
  • Monitoring 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

Imparting Training and Providing Information

  • Imparting training to officials of reporting organizations, investigating authorities, prosecutors, regulatory agencies, and other related organizations or institutions
  • Obtaining necessary information or reports from reporting organizations

A.3.3 Authorities and Responsibilities of BFIU

BFIU has the following authorities and responsibilities:

Analyzing or Reviewing Information

  • Analyzing or reviewing information related to cash transactions and suspicious transactions received from any reporting organization

Issuing Orders for Suspension or Freezing Transactions

  • Obtaining necessary information or reports from reporting organizations
  • Issuing orders to suspend or freeze transactions of any account for a maximum of 7 times by 30 days each if there are reasonable grounds to suspect that any money or property has been deposited into the account by committing an offense