Published:  03:20 AM, 14 August 2022

'Tk 730b being laundered annually through gold smuggling'

In the face of repeated incidents of gold smuggling in the country, Bangladesh Jeweller's Association (BAJUS) on Saturday urges the government to intensify drives against gold smuggling that reaches around Tk.730 billion yearly and 2 billion daily through gold smuggling.

"In a recent assessment, we found that gold worth of Tk. 2 billion is being smuggled into the country every day. So, the smuggling of gold causes money laundering of Tk730 billion annually," Enamul Haque Khan Dolan, Chairman of  BAJUS Standing Committee on Anti-Smuggling and Law Enforcement, told a press briefing held at its head office in Dhaka.

It is stated that Bangladesh is becoming the hub of gold smuggling gradually. Unabated smuggling of gold in the country is taking place through various techniques. During the last few months two large consignments were seized by Chattogram customs detectives. The investigation report showed that eight active gold smuggling syndicates are in the possession of controlling this business from the Middle East.

According to customs intelligence officials, the smugglers are used to remaining behind the job. Lack of effective measures from the police, such crime is growing. As a result, the actors come out from jail and involved in gold smuggling again.

Under these circumstances, the BAJUS leader claimed that the money laundering through gold smuggling by a group of harmful elements is liable for the impact on the country's foreign currency reserve. By breaking down such horrendous forces, the comfortable environment is a must to move the jewelry business in right direction.

 BAJUS President Sayem Sobhan Anvir, together with BAJUS office bearers met Bangladesh Bank and National Board of Revenue (NBR) top officials and requested them to make an assessment on economic impact of the money that is being laundered through gold smuggling.

BAJUS Vice-Chairman of the anti-smuggling committee Bidhan Malakar, Member Secretary Ikbal Uddin, and members Swapan Chandra Karmakar, Bikash Ghosh, Nazrul Islam and Babul Rahman were present.

Enamul Haque said BAJUS is conducting research to find out the actual demand and supply of gold industry of Bangladesh as there is no official data available now.

The trade body also urged the businessmen to sale jewelry with hallmark to protect the industry from fake gold.

Earlier in last week, BAJUS President Sayem Sobhan Anvir wrote to the home and finance ministers and the National Board of Revenue (NBR) Chairman, urging them to allocate at least 25 percent of the gold being recovered during drives as reward to the members of law enforcement agencies and customs.

BAJUS, a platform of around 40 thousand jewelry retailers, made the proposal to inspire the law enforcers to strengthen their efforts to prevent gold smuggling.

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