Monday, August 11, 2008

Money Laundering Pact is Signed in Asia

India News reports that in an effort to combat money laundering and terror financing, The Bangladesh Bank and Bank Negara Malaysia have signed an agreement to share information on money laundering. Bangladesh has mentioned that it also wants similar agreements with several other countries including India. Research from The World Bank suggests that cross border flow of illegal proceeds ranges between $1 trillion and $1.6 trillion, and that half of this originates from developing and transitional economies. Since Malaysia is believed to be one of the major destinations of money smuggled, it is putting forth an effort to prevent money laundering from occurring.

Share this article with your social network, just click below to share now!

No comments: