Reports of suspicious transactions rose 74% in FY25

The Bangladesh Financial Intelligence Unit (BFIU) received 30,199 reports of suspicious financial activities and transactions in fiscal year 2024-25, up 74 percent from a year earlier and the highest number since FY21, according to its annual report.

While revealing the report at a press conference yesterday, BFIU Chief Iqtiaruddin Md Mamun said reports of suspicious transactions have increased since the political changeover in August 2024.

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The central anti-money laundering agency linked the increase to stronger regulatory enforcement and stricter compliance requirements for reporting entities, including banks, non-bank financial institutions, capital market intermediaries and remitters.

It also cited better technology for monitoring transactions and detecting unusual patterns, greater awareness among financial institutions, and the emergence of new channels such as online gambling and betting, foreign exchange and cryptocurrency trading, and digital hundi.

Of the FY25 total, the BFIU received 20,524 suspicious transaction reports (STRs). These reports flag specific transactions suspected of being linked to money laundering or other financial crimes.

In that year, it also received 9,675 suspicious activity reports (SARs), which highlight unusual customer behaviour or financial activity that may require further investigation even when no specific suspicious transaction has been identified.

In FY25, banks submitted about 90 percent of all reports.

Explaining why banks accounted for most of the reports, BFIU Chief Iqtiaruddin said they had previously been reluctant to report suspicious transactions. “They no longer have that fear. As a result, banks are now submitting more reports.”

The BFIU received 17,345 reports of suspicious financial activities and transactions in FY24 and 14,106 in FY23, the report showed.

The BFIU chief said political affiliation is not being considered while investigating suspicious transactions, adding that anyone involved will face action.

Replying to a question, he said the agency analyses information received from reporting entities and other sources before preparing financial intelligence reports.

Iqtiaruddin said the BFIU prepared 199 intelligence reports in FY2024-25 and sent them to law enforcement agencies. Those agencies investigate the cases and, if sufficient evidence is found, may file criminal charges.

The BFIU chief said the agency has memorandums of understanding (MoUs) with counterparts in 180 countries and exchanges intelligence through the Egmont Group secure web platform.

Asked whether any laundered money has already been repatriated, he said the recovery process is under way and expressed hope that the public will receive “good news” by the end of the year.

“We will not let money launderers live in peace,” the BFIU chief told The Daily Star after the press conference.

TK 76,000CR ASSETS FROZEN IN 11 PRIORITY CASES, INCLUDING SHEIKH FAMILY

BFIU Chief Iqtiaruddin said the agency is committed to recovering assets stolen from Bangladesh.

He said assets worth Tk 76,000 crore have so far been frozen or attached, including Tk 57,000 crore in Bangladesh and Tk 19,000 crore abroad, across 11 priority cases.

The BFIU, together with a joint task force comprising the Anti-Corruption Commission (ACC), Criminal Investigation Department (CID) and National Board of Revenue (NBR), is investigating the cases.

They involve former prime minister Sheikh Hasina, her family and 10 major business groups. “We have sent 23 Mutual Legal Assistance [MLA] requests to foreign jurisdictions, and the process is ongoing.”

Replying to a question, the BFIU chief said asset recovery is being pursued through both criminal and civil proceedings.

“Banks affected by loan fraud have engaged international law firms, many of which have signed non-disclosure agreements and are moving toward commercial engagement. We hope to achieve tangible progress in civil recovery by the end of this year.”

Replying to another question, he said the BFIU does not target individuals based on their identity, political affiliation or status. “Our focus is solely on whether suspicious transactions have occurred. Anyone found to have engaged in activities covered under the Money Laundering Prevention Act will face action in accordance with the law.”

The annual report also showed that the number of cash transactions fell to 331.6 crore in FY2024-25 from 393.5 crore a year earlier. The total value of those transactions declined to Tk 20,43,579 crore from Tk 23,90,093 crore.

According to the BFIU, the decline reflects wider adoption of digital payment channels, stronger regulatory oversight and changes in cash-based business practices driven by broader macroeconomic adjustments.