Bangladesh Bank (BB) Governor Abdur Rouf Talukder on Monday (March 11, 2024) said that around 200 mobile financial services (MFS) accounts are closing each day due to their Hundi connection. The central bank is checking rigorously trade transactions through LC and mobile financial services to prevent money laundering activities by any means, he said. The governor said this in the opening ceremony of the money laundering prevention workshop held at the head office of the Criminal Investigation (CID), Bangladesh Police in the capital on Monday. Rauf highlighted the steps taken to prevent money laundering since his joining the Central Bank as Governor. He said, “When I joined Bangladesh Bank in 2022, there was a severe crisis of foreign exchange in the country. At that time took the first step to stop over-invoicing.” Read more: Inflation, currency prime focus of BB’s next monetary policy Again, money laundering occurs despite keeping the profit of export products abroad. Initiatives are also taken to prevent that, he mentioned. The governor expressed the strong stand of the central bank on banning hundi. He said that expatriates may send Tk500 to their family in the country, then he gives it to someone he knows abroad and asks him to give it to his family in the country. That money remains abroad. In contrast, a representative in Bangladesh paid the amount. As earlier payment was made through home delivery, now it is done through MFS. Read more: Entry-level women's recruitment doubles in banking sector, but board representation still lagging Around 200 such accounts are being closed every day. Later some accounts were opened again with guarantees, permanent action was taken against some of them, he said. Highlighting the context of the campaign against money changers, the governor said that USD $45 to $50 million transactions are done through money changers in the country every year. About $270 billion in transitions are made in the banking channel. But despite a small fraction of transactions, when money changers hiked the dollar rate, many expatriates tried to hold on to remittances. This is how the dollar crisis was created, Rouf pointed out. “That is why the campaign against money changers is ongoing. Also, avoid dealing in cryptocurrencies. It is completely illegal in our country,” said the BB Governor. CID Chief and Additional IGP Muhammad Ali Mia in the chair, head of Bangladesh Financial Intelligence Unit (BFIU) Md. Masud Biswas also spoke at the function. Read more: Bangladesh received $2.16 billion remittances in February, highest in fiscal

Prime Minister Sheikh Hasina on Wednesday (January 04, 2023) asked the expatriate Bangladeshis not to send money home through the hundi, a cross-border money transfer method that bypasses the legal banking system. “I would like to request those who use hundi to stop it and instead send the money directly through banking channels,” she said at a meeting with the leaders of the Awami League’s different overseas chapters including the USA and the UK ones at her office. The premier said the government is now setting up 100 economic zones in the country and the expatriates can make investment under joint-venture there. Read more: PM Hasina asks police to firmly deal with destructive acts “Those who want to do business can make investments there. If anyone (expat) can bring foreign partners (from various countries of the world) to invest here, it would be better,” she said. Expressing satisfaction over new investments coming to Bangladesh, she said the inflow of foreign funds in the country is good as the foreign investors consider Bangladesh as a good destination. Talking about the global crisis induced by the Russia-Ukraine war, Hasina said her government won’t let the people suffer from the food shortage. Read more: Foreign observers are welcome during next general election: PM Hasina tells British MPs “So, we’re purchasing food from anywhere in the world, and spending money whatever is required. We’re facing some problems because of the Ukraine war….. We will not let the people suffer,” she said, adding that the inflation rate is showing a decreasing trend in the country. She, however, expressed satisfaction over production of the Aman paddy and said that it has been a bumper yield this year. Now everyone is now busy planting Boro paddy and the stock of fertilizer is satisfactory, she added. PM Hasina said her government has already reached electricity to every house and allowed people to install small solar panels particularly for irrigation. Read More: Bangladesh gets $10.49 billion inward remittances in July-December: Central Bank.

Members of Border Guard Bangladesh (BGB) detained four suspected hundi traders with US$ 190,000 from Hamidpur in Jashore on Friday.

Inward remittances witnessed a massive growth of 37.6 percent in the first six months of the current fiscal 2020-21, over the corresponding period of the previous fiscal.