THE EFFICIENCY INFLUENCE OF AGENCIES ON CONTROLLING MONEY LAUNDERING IN BANGLADESH
Article Sidebar
Main Article Content
Abstract
Money laundering has emerged as a global concern in recent times, impacting both affluent and developing nations. Among emerging economies, Bangladesh faces pronounced challenges in addressing financial illicit activities due to its lenient regulatory framework and unstable financial sector. The Bangladesh Central Bank issues guidelines to streamline the implementation of the Prevention of Money Laundering Act. To ensure the stability and security of their institutions, financial entities are required to devise anti-money laundering policies in accordance with the stipulations of the Bangladesh Bank. This study centres on assessing the effectiveness of sanctioned organizations in countering money laundering. The research delves into the latest transformations in financial wrongdoing from the Bangladeshi context. It thoroughly explores strategies to prevent money laundering and other financial offences through enhanced efficiency. Presently, money laundering constitutes a complex and evolving criminal activity, with perpetrators constantly devising novel tactics to undermine the financial system. The study will advance the discussion of the influence of combatting the efficiency of authorized agencies to fight against money laundering in Bangladesh.
JEL Classification Codes: K42.
Article Details
Issue
Section
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
References
ACC (2023). Retrieved from https://sec.gov.bd/home/functions
Albrecht, C., Duffin, K. M., Hawkins, S., & Rocha, V. M. M. (2019). The use of crypto-currencies in the money laundering process. Journal of Money Laundering Control, 22(2), 210-216.
Alnasser Mohammed, S. A. S. (2021). Money laundering in selected emerging economies: is there a role for banks?. Journal of Money Laundering Control, 24(1), 102-110
BFIU (2021-2022). Annual Report. Bangladesh Bank. Dhaka. Bangladesh.
BSEC (2023). Retrieved from https://sec.gov.bd/home/functions
Bangladesh Customs (March 2021). Combatting Transfer Mispricing: New Avenue for Bangladesh Customs. Dhaka, Bangladesh
Bartlett, B. L. (2002). The Negative Effects of Money Laundering on Economic Development. The Asian Development Bank
Butler, H. N., & Macey, J. R. (1996). Externalities and the matching principle: the case for reallocating environmental regulatory authority. Yale L. & Pol'y Rev., 14, 23.
CID (2023). Smart Investigation: Pragmatic Role of CID in Combating Money Laundering and Financial Crime. Dhaka, Bangladesh.
CIID (2023). About Us. (n.d.). Retrieved from http://ci.gov.bd/AboutUs.aspx
DEn (2023a). Retrieved from http://www.doe.gov.bd/site/view/annual_reports
DEn (2023b). Annual Report 2021-2022. Department of Environment. Dhaka, Bangladesh.
DNC (2023). Retrieved from dnc.gov.bd/site/view/law
Effertz, T., Bischof, A., Rumpf, H. J., Meyer, C., & John, U. (2018). The effect of online gambling on gambling problems and resulting economic health costs in Germany. The European Journal of Health Economics, 19(7), 967-978.
Fiedler, I., Kairouz, S., Costes, J. M., & Weißmüller, K. S. (2019). Gambling spending and its concentration on problem gamblers. Journal of Business Research, 98, 82-91.
Gainsbury, S. M. (2015). Online gambling addiction: the relationship between internet gambling and disordered gambling. Current addiction reports, 2(2), 185-193.
Gilmour, P. M. (2022). Reexamining the anti-money-laundering framework: a legal critique and new approach to combating money laundering. Journal of Financial Crime, 30(1), 35-47.
Global Financial Integrity (2021). Trade-Related Illicit Financial Flows in 135 Developing Countries: 2008-2017.
Integrity, G. F. (2019). Illicit financial flows to and from 148 developing countries: 2006-2015. Washington, DC: Global Financial Integrity. Accessed May, 12.
Jayasekara, S. D. (2021). How effective are the current global standards in combating money laundering and terrorist financing?. Journal of Money Laundering Control, 24(2), 257-267.
Khan, A., Akhtar, N., Khan, M. D., & Habib, R. I. (2020). Informal Economy Enabling Tax Evasion and Money Laundering in Pakistan: An Analytical Study. Review of Politics and Public Policy in Emerging Economies, 2(2), 131-138.
Kennedy, D. (2023). Curriculum Design in Science and Technology Education at International Level. In Contemporary Issues in Science and Technology Education (pp. 53-67). Cham: Springer Nature Switzerland.
Kutubi, S. S. (2011). Combating Money-Laundering by the Financial Institutions: An Analysis of Challenges and Efforts in Bangladesh. World Journal of Social Science, 1(2), 36-51. Retrieved from https://ssrn.com/abstract=1872365
Lapuente, V., & Suzuki, K. (2020). Politicization, bureaucratic legalism, and innovative attitudes in the public sector. Public administration review, 80(3), 454-467.
Money Laundering Prevention Act 2012 (JS) s. Ministry of Law. Govt. of Bangladesh.
Money Laundering Prevention Rules 2029. Ministry of Finance. Govt. of Bangladesh.
Money Laundering Bulletin, Issue 154, (2018). Dr. Jackie Harvey (Newcastle Business School)
Levi, Michael and William Gilmore (2002). "Terrorist Finance, Money Laundering and the Rise of Mutual Evaluation: A New Paradigm for Crime Control?". European Journal of Law Reform, 4(2), 337-364.
Opudu, O., & Ogoun, S. (2023). Money laundering conviction rate and capital formation in Nigeria. Accounting, 9(2), 121-130.
Parveen, R. (2020). Impact of anti-money laundering legislation in the United Kingdom and European Union. International Journal of Economics and Management Systems, 5, 118-122.
Rana, S., & Awwal, M. R. (2020). Reasons behind money laundering and ways to control it in Bangladesh. Can. J. Bus. Inf. Stud, 2(6), 157-169.
UNODC (2020). “Money-Laundering and globalization”, United Nations Office on Drugs and Crime. Retrieved from https://www.unodc.org/unodc/en/money-laundering/globalization.html
Waris, A., & Latif, L. A. (2014). The effect of tax amnesty on anti-money laundering in Bangladesh. Journal of Money Laundering Control, 17(2), 243-255.
Young, M. A., & Woodiwiss, M. (2021). A world fit for money laundering: the Atlantic alliance’s undermining of organized crime control. Trends in organized crime, 24, 70-95.
Zhang, X., Zheng, X., & Xi, Y. (2020). How governmental agencies legitimize organizations: A case study on Chinese business schools from 1977 to 2014. Academy of Management Learning & Education, 19(4), 521-540.