BFIU, REHAB join forces to combat money laundering in real estate sector
Headline:
We closely follow all developments around world, says Delhi on FM Khalilur’s China trip
‘Only nine private members’ bills passed since independence’
Minister rules out possibility of tension in Bangladesh over India’s internal issues
Gender Champions Network launched to promote workplace equity in Bangladesh

BFIU, REHAB join forces to combat money laundering in real estate sector

BFIU, REHAB join forces to combat money laundering in real estate sector
Photo: Courtesy


Bangladesh Financial Intelligence Unit (BFIU) and the Real Estate and Housing Association of Bangladesh (REHAB) have pledged to work in a coordinated manner to prevent money laundering in the country's housing sector.

The commitment came during a view-exchange meeting held on Tuesday at the Bangladesh Bank's headquarters, where both sides outlined a joint compliance framework for the real estate industry.

The meeting focused on the obligations and responsibilities of reporting entities in the real estate sector under the Money Laundering Prevention Act, 2012 and the Money Laundering Prevention Rules, 2019, along with detailed discussions on compliance mechanisms.

REHAB leaders meet Housing Minister, seek policy support for affordable housing

REHAB President Ali Afzal reaffirmed his organisation's commitment to upholding government laws and policies aimed at transforming the housing sector into a modern, transparent and internationally competitive industry. "REHAB will play an effective role in making member organisations more aware and accountable by coordinating with BFIU to prevent money laundering."

He also called for reducing real estate registration costs to close loopholes that allow undisclosed income to flow into the sector.

REHAB Senior Vice President Abdur Razzaque stressed that ensuring compliance is critical to establishing good governance and maintaining investor confidence in the real estate sector. "REHAB will work consistently to make member firms more capable in legal reporting and risk management."

Other members of the REHAB Board of Directors present at the meeting welcomed the government's anti-money laundering drive and emphasised the need to strengthen training, awareness campaigns and coordinated action in collaboration with the Anti-Corruption Commission (ACC), the National Board of Revenue (NBR) and other relevant agencies.

BFIU officials, for their part, provided detailed guidance to real estate developers on applicable compliance requirements, reporting procedures, Know Your Customer (KYC) protocols and risk management practices.

Subscribe UNB YouTube Channel