The number of reports on suspicious transactions and activities related to money laundering rose by 56.41 per cent in July-May period of the financial year 2024-25 amid increased cash transactions and fraudulent activities following the political shift on August 5, 2024.
The data on suspicious transactions and activities were incorporated in the annual report of the Bangladesh Financial Intelligence Unit.
The anti-money laundering agency released the Annual Report 2023鈥�2024 in a press conference at the Bangladesh Bank head office in the capital Dhaka on Tuesday.
Bangladesh Bank governor Ahsan H Mansur attended the event, which was presided over by BFIU chief AFM Shahinul Islam. Director Muhammad Anisur Rahman presented the key findings.
According to the BFIU officials, a total of 27,130 suspicious transactions and activity reports were filed from July to May of FY2024-25, compared with 17,345 during the entire FY2023-24.
The BFIU report also disclosed that suspicious reports in FY24 were up 22.96 per cent from the previous fiscal year.
The spike in suspicious activity appears to coincide with the political upsurge in August 2024, when the long-standing Awami League government was ousted in the wake of a student-led mass movement. The surge suggests an increase in illicit financial activities during the transitional period.
BFIU chief Shahinul Islam attributed the rise in suspicious transaction reports to increased vigilance by reporting institutions and stronger monitoring by the BFIU.
He noted that awareness, compliance enforcement, and technological improvements have contributed to the growth in suspicious transaction reports filings. The unit also recorded a significant rise in cash transaction reports, defined as deposits or withdrawals of Tk聽10 lakh or more in a single day through an account.
During the reporting period, the BFIU shared 114 financial intelligence reports with investigative agencies and responded to 1,220 requests for information, up nearly 14 per cent from the previous year.
The report also highlighted a notable increase in suspicious transactions within the e-commerce sector. BFIU officials said the agency鈥檚 push for compliance and expanded institutional capacity were key factors behind the rise in reported activity.
Governor Ahsan Mansur announced that some shariah-based banks would be brought under government control. However, he assured depositors that their funds were secure. He also noted that under new ordinances, Bangladesh Bank now has enhanced authority to carry out bank mergers and acquisitions when necessary.
Bangladesh鈥檚 global standing in anti-money laundering efforts has improved. The country moved up 13 places to 59th in the 2024 Basel Anti-Money Laundering Index, reflecting better performance in tackling illicit financial flows.
The BFIU is currently working in collaboration with international bodies, including the Stolen Asset Recovery (StAR) initiative, the US Department of Justice, and the International Anti-Corruption Coordination Centre, to trace and repatriate laundered assets held abroad.
