BFIU Instructs REHAB to Prioritize Risk Management in the Housing Sector
Collected Photo
The Bangladesh Financial Intelligence Unit (BFIU) has emphasized on the importance of strengthening compliance, reporting, Know Your Customer (KYC) procedures, and risk management among real estate development firms to prevent money laundering and ensure good governance in the housing sector.
Meanwhile, the Real Estate and Housing Association of Bangladesh (REHAB) has called for cutting in registration costs to curb the tendency of using undisclosed income.
These instructions were provided to a REHAB delegation during a meeting held today, Tuesday, at the BFIU conference room in the Bangladesh Bank head office.
REHAB President Dr. Ali Afzal said, "REHAB is always respectful of government laws and policies to transform the country's housing sector into a modern, transparent, and international-standard sector. REHAB will play an effective role in making member organizations more aware and responsible by coordinating with BFIU to prevent money laundering". At the same time, he urged for initiatives to reduce registration costs to stop the trend of undisclosed income.
REHAB Senior Vice President Abdur Razzaq said, "Ensuring compliance is extremely important to establish good governance in the real estate sector and maintain investor confidence. To achieve this goal, REHAB will work consistently to make member organizations skilled in reporting and risk management according to the law".
The meeting was attended by senior BFIU official Ikhtiar Uddin Mohammad Mamun, REHAB Vice President-2 Abu Khalid Md. Barkatullah, Vice President-3 A F M Obaidullah, and Directors Md. Mahbubur Rahman, Md. Golam Kibria Majumder, A Z M Kamaruddin, Captain Md. Shah Alam, Md. Khaja Najibullah Chowdhury, M Fakhrul Islam, and Md. Emdadul Hossain Sohel.
The discussions covered detailed responsibilities, actions, and compliance-related issues for reporting organizations in the real estate sector as per the Money Laundering Prevention Act, 2012, and the Money Laundering Prevention Rules, 2019.
