In its efforts to curb money laundering through imports, Bangladesh’s central bank-Bangladesh Bank has halted as many as 100 letters of credit (LCs) with as much as 20-200 per cent higher than the usual prices of goods.
According to reports, this was underlined by the Governor of Bangladesh Bank (BB), Abdur Rouf Talukder.
Speaking at a programme of Bangladesh Institute of Development Studies in capital city Dhaka recently, the BB Governor revealed this information while adding the Government and the central bank have stepped up activities to save dollars with the foreign currency reserves dwindling while also underlining that restricting the importers and exporters from ways to show lower or higher prices of products is the key to prevent trade-based money laundering.
He further reportedly said traders were being allowed to resume their LCs once they amend the prices of goods while adding Bangladesh Bank in July started reviewing information from last year and this year, and found out importers are showing 20-200 per cent more than the actual prices of goods in some cases.