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Curbing money laundering: MFS, courier service providers asked to act

FE Report | Published: June 26, 2019 10:37:50 | Updated: June 27, 2019 17:04:09


Picture used for illustrative purpose

Mobile financial service (MFS) providers and courier companies have been asked to take steps to control money laundering and transactions of illegally earned money, sources said.

They have been told to strictly follow the provisions relating to KYC (know your customer) so that criminals could be detected.

To stop transportation of drugs, arms and ammunitions, and other illegal goods, the couriers have been asked to set up scanners at their offices for detection.

The directives were given at a meeting at the secretariat on Tuesday with financial institutions division senior secretary Ashadul Islam in the chair.

Attended by stakeholders and government officials concerned, the meeting also discussed preserving signatures of money senders, receivers and agents in ledger books, and giving receipt of each transaction.

Sources said couriers are not authorised to carry cash under the law of the land.

In that case, the central bank has been asked to find ways to bring the financial service of courier companies under a legal framework.

After the meeting, Courier Services Association of Bangladesh president Hafizur Rahman Pulok said couriers have long been doing the business, but no questions arose regarding the service.

Few years ago, courier companies were told to stop money services, he told the FE.

Later, association members filed a writ.

The High Court asked the government to explain why courier companies would not be allowed to provide monetary services.

Since then, couriers are carrying out both financial and goods haulage services without interruption.

Mr Pulok said the Bangladesh Bank would have to find ways to bring the financial services of courier companies under a legal framework.

syful-islam@outlook.com

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