Reported suspicious financial transactions up by 62.32% in FY22: BFIU
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Reported suspicious financial transactions up by 62.32% in FY22: BFIU

Reported suspicious financial transactions up by 62.32% in FY22: BFIU
Suspicious financial transaction (Representational Photo)


Generally, a suspicious transaction report (STR) means a formatted report of suspicious transactions or activities where there are reasonable grounds to believe that funds are the proceeds of predicate offense or may be linked to terrorist activity or the transactions do not seem to be in the usual manner.

Despite strengthening monitoring to stop money laundering, STR has increased in Bangladesh by 62.32 percent in the fiscal year 2021-22.

Despite strengthening monitoring to stop money laundering, suspicious transaction report (STR) has increased by 62.32 percent in the fiscal year 2021-22.

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According to a report of Bangladesh Financial Intelligent Unit (BFIU), a concern of Bangladesh bank, 8571 STR occurred in FY22; it was 5280 in FY21. In a fiscal year, STR has increased by 3291 or 62.32 percent.

Earlier in FY20, there were 3675 suspicious transaction reports while in FY19 such transactions were 3573, BFIU’s latest annual report said.

BFIU presented the details of the report during a press conference at Bangladesh Bank on Monday. The central bank’s Executive Director and BFIU head Masud Biswas shared the information with media.

Read: BFIU summons WASA chief Taqsem’s bank account details

He said not all suspicious transaction reports are crimes. “If there is evidence of any crime, we take action,” he said.

So far, action has been taken against clients and related parties of many banks and financial institutions, he said.

According to the BFIU report, banks have submitted a maximum of 7999 suspicious transaction reports in Bangladesh in the entire financial year. In the previous financial year, the banks submitted 4495 reports. Financial institutions submitted 106 reports. Exchange houses have submitted 457 reports.

Read More: Banks instructed to campaign for bringing back laundered money

Central Bank Executive Director and Spokesperson GM Abul Kalam Azad, BFIU Director Rafiqul Islam, and Additional Director Kamal Hossain among others were present at the press conference.

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Report money laundering BFIU FY22 suspicious financial transaction