News / Bangladesh banks must track vessels and containers to curb money laundering

© Ognjen Stevanovic

In a bid to prevent trade-based money laundering, Bangladesh banks and foreign currency dealers now have to monitor and track ships and containers to ensure exports and imports match shipper claims.

The Central Bank of Bangladesh on Wednesday allowed banks and foreign currency dealers to remit money to buy vessel/container tracking system/services from globally reputed companies for this reason.

It said: “…authorised (forex) dealers (ADs) are advised to establish vessel-tracking systems, among others,” adding: “To ensure safeguards of export transactions, it has been decided that ...