Previous regime’s financial irregularities could hurt upcoming evaluation, APG says

The Asia/Pacific Group on Money Laundering (APG) has expressed deep concern over irregularities, corruption, unprecedented looting in the banking and capital markets, and money laundering abroad during the previous regime in Bangladesh.

The APG delegation warned that these issues could negatively impact Bangladesh's upcoming Mutual Evaluation for the 2027-28 term

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However, the delegation welcomed the current government's initiatives to reform the financial sector and recover laundered assets, recommending that these efforts be sustained.

The information was disclosed in a press release issued by the Department of Communications and Publications of Bangladesh Bank on Thursday.

An APG delegation visited Bangladesh from August 11 to 13 as part of the Preliminary Mutual Evaluation Planning (P-MEP). On the final day of their three-day visit, the outcome of discussions with various government agencies and policymakers was highlighted.

According to the press release, the APG delegation attended a meeting of the National Coordination Committee (NCC) on Anti-Money Laundering and Countering the Financing of Terrorism, chaired by the finance minister as part of P-MEP.

During the meeting, the finance minister reiterated the government's firm political commitment to combating money laundering and terror financing and also promised to further strengthen the country's AML/CFT/CPF framework.

Mutual Evaluation refers to the process of assessing a country's overall compliance with international standards to prevent money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. APG is scheduled to complete Bangladesh's next Mutual Evaluation process during the 2027-28 period to assess Bangladesh’s compliance with international standards.

Previously, Bangladesh underwent Mutual Evaluations in 2002, 2009, and 2016. Based on the 2009 evaluation, Bangladesh was placed on the list of high-risk countries. Following timely government measures, the country exited the high-risk list in February 2014 and was recognised as a "compliant country" in the 2016 evaluation.