Money Laundering Act and Its Implications in Bangladesh

REPORT ON

Money Laundering Act and Its

Implications in Bangladesh

Money Laundering Act and Its

Implications in Bangladesh

Course:F-209

Submitted To:

JunnatunNaym

Lecturer

Department of Finance

Faculty of Business Studies

University Of Dhaka

Submitted By:

Group-03

Section-C

21st Batch

Department of Finance

Date of Submission:22th August 2016

Group Profile

Serial No Name ID No.

1. Md. Shameem Ahmed 21-024

2. Abdur Rahman Raju 21-066

3. Anika ZannatAuishi 21-102

4. JannatulFerdaus Khan 21-126

5. Tama Saha 21-153

6. Afroja Sultana 21-177

7. Monisha Akhter 21-186

8. Md. RidwanUllah 21-192

9. SalehaAkter 21-213

10. Md. MahbubUl Islam 21-264

LETTER OF TRANSMITTAL

Date: 22.08.2016

JunnatunNaym

Lecturer

Department of Finance

Faculty of Business Studies

University of Dhaka

Subject: Submission of the report on “Money Laundering Act and Its Implication in Bangladesh

Dear Madam,

Here is the report of the study on “Money Laundering Act and Its Implication in Bangladesh”. This report made us able to know about the money laundering act in Bangladesh, its process and its offence & penalty.

Thank you for giving us the opportunity to complete this task. We have learned many things from this task and that will help us in future.

Sincerely yours,

Afroza Sultana

On Behalf of Group 03

Table of Content

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Acknowledgement

As the students of Faculty of Business Studies, this report is an essential part of our academic purpose. We have gathered a lot of practical knowledge and experience by preparing this report.Thanks to Allah who gives us the opportunity to complete this task properly. A lot of people helped us by providing information about the report. They also provided us valuable advice and guidance.

In this regard, at first I want to thank our F-209 ‘Law and Practice of Banking’ course instructor, JunnatunNaym, Lecturer, Department of Finance. Her constant presence and words of encouragement inspired us to do our best. It’s probably would be impossible to complete this report without her guidance and availability

Executive Summary

Our report is on “Money Laundering act in Bangladesh and Its Implication”. Money Laundering is the process by which one conceals the existence, illegal source or illegal application of income, and then disguises that income to make it appear legitimate. This law is introduced to prevent this crime. That’s why it is called Money Laundering Prevention Act, 2012.Whereas it is expedient and necessary to reenact a law regarding the prevention of money laundering and other offences connected therewith including punishment thereof and the matters ancillary thereto by repealing the existing Act and Ordinance relating thereto. This act includes title, definition of some related terms money laundering, illegal activities, punishment, and method of appeal. The act gives a brief review of handling with money laundering cases.

Chapter-1

Introduction

1.1 Origin of the report:

The report prepared for the requirement of course F-209, Law and Practice of Banking. Under the academic supervision of the course instructor, JunnatunNaym, Lecturer, Department of Finance, University of Dhaka. And the topic is “Money Laundering Act and Its Implication in Bangladesh”. While preparing the report, we gave our best effort to incorporate the theoretical aspect of the subject.

1.2 Methodology:

The methodology of this report is Analytical based on the data provided by Bangladesh Parliament.

• We collected the Money Laundering Prevention Act, 2012 and studied the sections in it.

• We discussed the applications of the law in our country.

• We added real cases regarding the law.

1.3 Objectives of the report:

The objective of the report is to have a thorough knowledge

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