BFIU Circular Letter No. 01: Regarding extension of time to implement guidelines for prevention of Trade Based Money Laundering

Bangladesh Financial Intelligence Unit
Bangladesh Bank
Head Office
Dhaka

BFIU Circular Letter No. 01/2021 Date:
Managing Director/Chief Executive Officer
All Scheduled Banks operating in Bangladesh

Dear Sir/Madam,

Regarding extension of time to implement guidelines for prevention of Trade Based Money Laundering.

Reference is drawn to BFIU Circular No. 24 issued on 10 December 2019 on the subject cited above. Through the said circular, instructions were issued to scheduled banks to implement their own guidelines/manuals by 01 June 2020, considering the nature, scope, customer base, type, etc., of international trade within their respective institutions, to take necessary measures to prevent trade-based money laundering, terrorist financing, and proliferation risks of weapons of mass destruction. This was subsequently extended to 01 November 2020, considering the COVID-19 pandemic and applications from some banks.

2. Now, considering the applications of some banks and the situation of the COVID-19 pandemic in a meeting held under the chairmanship of the Chief Executive Officer of BFIU with the Principal Money Laundering Prevention Compliance Officers of banks, the time limit to implement guidelines for prevention of Trade Based Money Laundering has been extended until 30 June 2021.

Yours faithfully,

(Md. Zakir Hossain Chowdhury)
General Manager
Phone: 9530118
22 Falgun 1427 Bangabda
07 March 2021 AD