Consequences of Money Laundering Case in Bangladesh

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  • Topic: Crime, Money, Economic and Financial Crimes Commission
  • Pages : 2 (713 words )
  • Download(s) : 399
  • Published : August 7, 2012
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Consequences of money laundering case in Bangladesh: A short case study - A Critical Analysis evidenced by facts, figures and example

In the present world Bangladesh has been infamous for a long period of time due to the prevailing unscrupulous corruption in the country. Among its many form, money laundering has been a very major one which is hindering the growth of the country badly. According to Wikipedia, money laundering is a process whereby illegal sources of money are tried to be cloaked with a look of the fair sources so that nobody can doubt the sources on first instance. In Bangladesh the occurrence is governed under the Money Laundering Prevention Act, 2009. According to section 2(11) of the Act, transfer, transformation, sending or bringing of money ,to or from any foreign country respectively, which is earned through a related offence and smuggling property acquired through a legal or illegal mean is money laundering. Doing any kind of transaction for which no report is needed under this Act and concealing any act which covers the illegal source of the money also come under the definition. Money laundering becomes important for a particular person because need of money in our life is obvious. To conduct criminal activities, huge amount of money is needed and sometimes it needs to be spent in open daylight. For these reasons, money should bear a fair mask with it. Also, this illegal wealth can be strong evidence against the perpetrator and so to avoid this result, he needs to convert his money into good money. According to section 2(12), report giving institutions include banks, insurance companies, money changer etc. Under s-2(16), related/predicate offence includes bribe, extortion etc. Section 4 provides that money laundering is an offence under this Act and if anybody commits the offence or helps to commit it, then he will be imprisoned for not less than six months and not more than seven years and the property related with the offence will...
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