Volume-X, Issue-IV, July 2024 |
Breaking the Chain: Strategies Against Hundi and Money Laundering in Bangladesh Roton Kumer Dash, Deputy Director, Anti Corruption Commission, Head Office, Dhaka Bangladesh Muhammad Jafor Sadek Shibli, Assistant Director, Anti Corruption Commission, Head Office, Dhaka Bangladesh Mousumi Saha, Associate Officer, IFIC Bank PLC, Dhaka Bangladesh |
Received: 24.07.2024 | Accepted: 30.07.2024 | Published Online: 31.07.2024 | Page No: 256-270 | ||||
DOI: 10.29032/ijhsss.vol.10.issue.04W.024 | |||||||
ABSTRACT | ||
This article explores the challenges and strategies related to combating hundi and money laundering in Bangladesh. Hundi, an informal remittance system deeply rooted in the cultural and historical practices of South Asia, poses significant risks to the financial stability and integrity of the Bangladeshi economy. Despite its traditional role in facilitating remittances, hundi has evolved into a complex mechanism for money laundering and illicit financial transactions. The paper examines the current regulatory framework under the Anti-Money Laundering Act, 2012, identifies existing gaps, and proposes targeted strategies to address these issues. Key recommendations include strengthening legal measures, enhancing enforcement mechanisms, promoting financial inclusion, and fostering international cooperation. The article underscores the need for a comprehensive approach to disrupt hundi networks and prevent financial crime, ultimately aiming to protect the economic stability and financial integrity of Bangladesh. Keywords: Hundi, Anti-Money Laundering Act 2012, Financial Crime, Regulatory Framework, Informal Remittance Systems, Economic Impact, Financial Inclusion. |