Bangladesh received a record 30,199 reports of suspicious financial transactions and activities in fiscal 2024-25, a 74 percent jump from the previous year, as banks sharply stepped up reporting of potential money laundering and terrorism financing cases, according to the Bangladesh Financial Intelligence Unit (BFIU).
The BFIU’s annual report, released on Wednesday, showed that about 95 percent of the reports came from the banking sector, indicating a significant increase in compliance by banks.
The report was unveiled at Bangladesh Bank headquarters, where BFIU head Ikhtiar Uddin Mohammad Mamun briefed journalists on its key findings.
Of the total reports filed during FY25, 20,524 were Suspicious Transaction Reports (STRs) and 9,675 were Suspicious Activity Reports (SARs).
The number compares with 17,345 reports in FY24 and just 5,280 in FY21, underscoring a nearly six-fold increase over four years.
Mamun attributed the sharp rise to greater reporting by banks following the political transition.
“After the change in government, reporting of suspicious transactions increased significantly,” he said. “Earlier, banks were hesitant to submit such reports. That fear no longer exists, which is why reporting has risen.”
He said the BFIU investigates suspicious transactions regardless of the individuals involved.
“There is no consideration of political affiliation. Whoever is involved in suspicious transactions will face scrutiny,” he said.
The report said banks and other reporting entities are legally required to report suspicious transactions and activities under the Money Laundering Prevention Act, 2012, as amended in 2015, and the Anti-Terrorism Act, 2009.
The BFIU also warned of a rise in suspicious financial activities involving online gambling and betting, foreign exchange dealings, cryptocurrency transactions and digital hundi, prompting closer monitoring of such activities.
According to the report, the increase in reporting reflects stricter regulatory supervision, stronger compliance requirements, wider use of advanced transaction-monitoring systems and greater awareness among financial institutions of money laundering and terrorism financing risks.