Bangladesh introduces sentences of seven years in jail for invoice misdeclaration
Traders and investors in Bangladesh found guilty of misdeclaration of exports, imports and investments abroad will be sentenced to seven years in prison as the country continues its clampdown on trade-based money laundering (TBML). The move is one of several measures taken by the authorities…
Bangladesh establishes new unit to tackle TBML via international under- and over-invoicing and transfer pricing
Bangladesh has established a new body to detect and prevent trade-based money laundering (TBML) through under- and over-invoicing in international trade. The new transfer pricing cell (TPC) has a specific remit to focus on customs duty and VAT evasion, and is additional to existing TPC…
Bangladesh orders tighter customs valuations in TBML drive
Bangladesh’s National Board of Revenue (NBR) has ordered customs officers to adopt a uniform approach to procedures for determining the value of imported goods in its fight against trade-based money laundering (TBML). The standing order issued by NBR aims to prevent duty evasion through what…
