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Capital market to be brought under money laundering act

Staff Correspondent |
Update: 2010-09-08 23:53:59
Capital market to be brought under money laundering act

DHAKA: The government is going to bring the country’s capital market along with non-banking financial institutions under the money-laundering act soon in a bid to prevent such kind of financial crimes.

“An action plan to this effect has been taken to amend all kinds of laws related to money laundering by June next year,” the minister told reporters after an anti-Money laundering meeting at the Secretariat Wednesday.
He also informed journalists that Bangladesh would attend the Asian Group meeting on Money Laundering in Sydney, Australia the current month, where the Action Plan, prepared by the government, would be submitted. "The government has taken some measures as advanced preparation ahead of the meeting", he added.

The Minister also said that the existing acts on money laundering should be redesigned in keeping with international standards.

He said stock dealers, stockbrokers, portfolio managers and merchant banks of stock markets would be brought under the preview of the law. Information would be collected from the stock market on different sources of investment shortly, he added.

Replying to a query Muhith said the measures would not make any impact on investment in the capital market.

However, he hoped, "If there is not excess flow of undisclosed money, the market will not be affected."
BDST: 1804 HRS, SEP 9, 2010.

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