Proliferation of Money Laundering: Law and Practice in Bangladesh

Abstract

Money Laundering (ML) is an issue much-discussed all over the world including Bangladesh. States and number of transnational organisations are concerned about the issue and have taken various steps in preventing ML and controlling activities associated with it at both national and international levels. The government of Bangladesh has also acted on many forums to prevent ML. However, no significant result is evident in this regard. The aim of the study is to explore the concept of ML, determine the existing laws concerning Anti Money Laundering (AML), and also examine the role of the government of Bangladesh in preventing ML. The study has been conducted on an elaborate pattern of 06 (six) chapters with sections and sub-sections. The introductory chapter includes the statement of the problem, literature review, methodological aspect and objectives of the study, along with its necessity, scope and limitations. The following chapter discusses the conceptual issues covering the definition, historical background, and analyses the classification, stages, and different modes including some relevant case studies on ML. Chapter Three explains the term ‘proliferation of money laundering’ and also examines its nature, causes and consequences. At the same time, the chapter also focuses on the sectors through which ML occurs in Bangladesh. The next chapter briefly describes the relevant provisions of domestic AML laws and transnational initiatives to prevent ML and also examines the drawbacks of existing AML laws of Bangladesh. The implementation of AML laws, administrative rules and guidelines are discussed in the penultimate chapter which focuses on the role of governmental institutions engaged in implementing the provisions of AML laws with a view to preventing ML in Bangladesh. The chapter examines both of their operational and functional frameworks at national and international levels, and also analyses the obstacles and challenges faced by the concerned authority or institutions engaged in preventing ML in Bangladesh. The concluding chapter puts forward some suggestions on the basis of the summaries of findings and identifies specific challenges addressed in the thesis. In addition to these, the chapter summarises the main arguments used in the thesis and suggests a few ways of preventing ML by amending existing AML laws; cumulatively, critically synthesises all of the above mentioned issues and constitutes the outcome of the study.