BB installs software to detect suspicious transactions

The country yesterday took a major step in its fight against money laundering and terrorist financing after it installed UN-accredited software to combat suspected financial transactions.

The move also fulfils part of the promises made to the Financial Action Task Force, the global anti-money laundering watchdog, for Bangladesh's graduation from the grey list. The software, goAML, will enable Bangladesh Financial Intelligence Unit, the central bank's anti-money laundering wing, to receive cash transaction and suspected transaction reports and complaints from reporting agencies online and analyze them.

Banks have been advised to set up the supporting software at the earliest so that suspicious transactions can be automatically identified. Bangladesh Bank Governor Atiur Rahman, while unveiling the software, said the latest letter from the FATF to Finance Minister AMA Muhith called for continued efforts in strengthening and modernising the BFIU.

The decision to graduate Bangladesh from the list came at the FATF's meeting on February 13, following a review of the progress made under the time-bound action plan provided by the global watchdog in October 2010. The government has fulfilled most of the 28 action items, which include: criminalising money laundering and terrorist financing; establishing and implementing procedures to identify and freeze terrorist assets; implementing procedures for the confiscation of funds related to money. (Source: The Daily Star, 04/ 03/ 2014)