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Bangladesh Bank, customs to exchange real-time export, import data

The Bangladesh Bank and the customs department will exchange export and import related data through an online system on real time basis from next week to check money laundering and financial anomalies, officials of the central bank said.

They said that the two entities had earlier agreed to complete all procedures to exchange such data by November 30 this year.

As part of the agreement, the BB has already completed all preparation within the scheduled time, but the customs failed to complete its procedures in the period.

‘Under the circumstances, the customs department sought one more week to complete its preparation. So, we hope that the two organisations will start to exchange export and the import related data form next week’, a BB official told New Age on Tuesday.

The two organisations will exchange the data through online on real time basis, he said.
He said that the BB had taken the initiative to exchange the data with the customs department in 2007 and the two organisations started work in this regard since the beginning of this year.

Due to absence of data exchanging through online between the two orgainsations, some forged exporters and importers submitted fake bank paper at the customs to launder money abroad, he said.

He said that the forged businesspeople usually submitted the fake export forms to the customs to launder the money abroad.

But the BB and the scheduled banks could not examine the process as the customs send the papers through manual system.

After starting the process, the scheduled banks will submit export forms to the central bank after which the BB will send the data to the customs, he said.

The customs will finalise the export form after receiving the data from the central bank, he said.
Likewise, the banks will submit the data about the opening of letters of credit to the BB and the central bank will place the data to the customs, he said.

The customs will also send the bills of entry of the import to the central bank, he said.
Another BB official said that the two organisations would exchange the data through email in the first phase.
In the second phase, they will prepare separate software system to exchange the data and the two systems will be linked, he said.

The BB has given the scope to the customs to observe its (central bank) Dashboard, he said.
The BB is now monitoring the foreign exchange-related business of the scheduled banks through the Dashboard.
The Dashboard will also help the two organisations to scrutinise the export and the import related data of the companies.


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