The Bangladesh Bank asked authorised dealers – banks providing foreign exchange services – to track import shipments related to their transactions to confirm whether the goods are onboard the inbound vessels.
The Foreign Exchange Policy Department of the central bank on Tuesday issued a circular in this regard, saying that it would come into effect immediately.
"Earlier, the banks were instructed to track export shipments. Now, the central bank applied the policy for imports too mainly to prevent money laundering," said a central bank senior official. He wished to be unnamed as he was not authorised to talk to the media.
The banks have been instructed to go through the process with recognised tracking systems.
The Bangladesh Bank issued the export shipment-tracking related circular on 20 April, in which it said in different times banks were seen making payments against export documents without export in reality, which created an opportunity for money laundering. The tracking system was enforced to prevent such a crime.