More than 30,000 suspicious transactions in a year, up 74 percent

Surveillance of suspicious financial transactions has increased significantly in the country to prevent money laundering and terrorist financing. In the 2024-25 fiscal year, 30,199 suspicious transaction and activity reports were submitted to the Bangladesh Financial Intelligence Unit (BFIU), which is 74 percent more than the previous fiscal year.

This information was presented at the BFIU's annual report release ceremony at the Bangladesh Bank head office on Wednesday (July 15). At the ceremony, BFIU Chief Ikhtiar Uddin Mohammad Mamun presented the report and answered various questions from journalists.

According to the report, about 95 percent of the total reports submitted came from the banking sector. Of these, 20,524 were suspicious transaction reports (STRs) and 9,675 were suspicious activity reports (SARs).

Ikhtiar Uddin Mohammad Mamun said that the trend of submitting suspicious transaction reports has increased after the change of government. Earlier, many banks were hesitant to send such information, but now the situation has changed. As a result, more reports are coming from banks than before.

He also said that the political identity of any person or organization is not taken into consideration in suspicious transactions. Necessary action will be taken against anyone involved in such transactions.

According to BFIU data, the total number of suspicious transactions and activities reported in the 2023-24 fiscal year was 17,345. And in the 2020-21 fiscal year, this number was only 5,280. That is, the number of suspicious transaction reports has increased almost six times in a span of four years.

The report said that according to the Prevention of Money Laundering Act, 2012 (amended 2015) and the Anti-Terrorism Act, 2009, banks and other financial institutions are obliged to immediately report suspicious transactions or activities to the BFIU if they are detected.

Meanwhile, the report mentioned that suspicious financial activities related to online gambling, betting, foreign exchange and cryptocurrency transactions, and digital hundi have also increased. The BFIU has further strengthened its surveillance of these activities.

According to the agency, factors such as strict supervision by regulatory agencies, obligation to comply with laws, use of advanced technology, and increased awareness of financial institutions about the risks of money laundering and terrorist financing have played an important role in the increase in suspicious transaction reports.