Bangladesh Bank chief fears money laundering through mobile banking

Money transactions via mobile phones may be misused to launder money, Bangladesh Bank Fazle Kabir has said.

“It is not entirely impossible that mobile money would be used for laundering in this digital age,” he told an international seminar on Monday.

“We must work together to reduce this risk,” he said. “The nature of this issue must be found through research.” 

Kabir stressed on the need for using latest technology while searching for ways to prevent the risk of laundering through mobile transactions.

The day-long seminar on the effect of mobile financial services in the SAARC region was organised by SAARC Finance Cell at Dhaka’s Hotel Sonargaon.

He said 18 among the 20 companies that have permission for mobile banking in Bangladesh are providing the service.

There were nearly 40 million users who transact almost Tk 7 billion every day, said the central bank chief.