Bangladesh improves in anti-money laundering index

Bangladesh has ranked 41st, up 8 notches in the Basel Anti Money Laundering (AML) Index-2022, according to the Basel Institute on Governance which released the report on Tuesday night.

The higher the rank is, the lower the risk of money laundering and terrorist financing (ML/TF). The risk is scored based on data from 18 publicly available sources such as the Financial Action Task Force (FATF), Transparency International, the World Bank and the World Economic Forum.

Bangladesh was ranked 33rd in Basel Anti Money Laundering (AML) Index-2021.

Bangladesh has also secured the best position among the four South Asian countries in the index.

According to the AML's findings, 10 countries with the highest AML risk are The Democratic Republic Of The Congo, Haiti, Myanmar, Mozambique, Madagascar, Guinea-Bissau, Cambodia, Mali, Senegal and Vietnam.

What's behind the Basel AML Index?

The Basel AML Index measures the risk of money laundering and terrorist financing (ML / TF) in jurisdictions around the world. It is based on a composite methodology, with 18 indicators categorised into five domains in line with the five key factors considered to contribute to a high risk of ML/TF.

Domain 1: Quality of AML/CFT Framework

Domain 2: Corruption and Bribery Risk

Domain 3: Financial Transparency and Standards

Domain 4: Public Transparency and Accountability

Domain 5: Political and Legal Risk