Money laundering as a risk in the banking industry of Bangladesh : a study on the EXIM Bank Ltd. Rajuk Avenue Branch

Abstract

The internship program is called an “Earn while you Learn” program of training. As the fulfillment of partial requirement of the BBA program I have done the Internship in The EXIM Bank Limited and prepared report on “Managing Money Laundering Risk in the Banking Industry of Bangladesh: A Study on The EXIM Bank Limited.” In this study I have tried to reveal my three months internship experience. This report contains two parts- the Organizational part and the Project part. In the organizational part, a brief overview of EXIM Bank has given. In the Project part, I have covered efforts undertaken previously with the objective of preventing the banking system from Money Launderer which, has also largely been undertaken by judicial and regulatory agencies at national level seriously. Money laundering is a criminal offence; bank should not provide any service to any criminals and assisting a Money Launderer as it is a criminal offence too. Anticipating the importance of legislation in this arena,the Government of Bangladesh has made a timely decision by enacting a law titled, “Money Laundering Prevention Act – 2002” and then “Money Laundering Prevention Act -2009” which are very comprehensive and valuable law. As the Central Bank mainly regulates this law, i.e. Bangladesh Bank and all its schedule banks, they must be well comprehended on this law and well equipped to implement it. Therefore, efforts have been undertaken in this study to focus on the real scenario of the EXIM Bank operating soundly in Bangladesh in anticipating the importance of the Act efforts to implement the law and continuity of banking business within legal framework. For the study, a number of secondary data has been collected from different sources, especially from The EXIM Bank Limited. According to those collected information and with the light of Money Laundering prevention Act 2002 & 2009 - a standard prevention procedure has been described in detail in this report, where I have mentioned different recommendations. To overcome the limitations and to harvest maximum output of the Anti-Money Laundering Act. in Bangladesh – Some recommendations have been made in this paper also. To ensure a consistence and uniform treatment in implementing the law all the banks must work together in the Banking Industry.