Dhaka, Malaysia to sign money laundering pact

August 11th, 2008 - 2:36 pm ICT by IANS  

Dhaka, Aug 11 (IANS) Bangladesh is to seal a pact with Malaysia on sharing information over money laundering, a newspaper report here said. The Bangladesh Bank and Bank Negara Malaysia, the central banks of the two countries, will sign the agreement Monday, the the New Age newspaper reported.

Bangladesh also wants similar agreements with several countries including India.

The central bank is also trying to join the Egmont Group, an organisation of financial intelligence units, to share information on and combat money laundering and terror financing.

The government believes Malaysia to be one of the major destinations of the money smuggled out of the country.

According to the World Bank, the cross-border flow of proceeds from criminal activities, corruption and tax evasion is estimated at between $1 trillion and $1.6 trillion per year - half of this originating from developing and transitional economies.

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