Factors influencing anti-money laundering regulatory approaches towards casinos and cryptocurrencies in Bangladesh

What is it about?

This research aims to critically explore the factors influencing the regulation of gambling and cryptocurrencies as part of anti-money laundering initiatives in Bangladesh. As a member of the Asia / Pacific Group on money laundering, Bangladesh must adopt a risk-based approach to regulate these entities. This study demonstrates that current regulatory responses towards gambling and cryptocurrencies in Bangladesh are largely influenced by passive wait-and-see policy instead of a proactive risk-based approach, a measure mandated by the Financial Action Task Force. It demonstrates that these financial entities, which are poorly regulated because of their unclear legal status in Bangladesh and the regulator’s apparent lack of understanding of the type of threats they pose, may facilitate money laundering. Effective risk-based regulation is required to control potential risks. This is the first study aiming to explore challenges Bangladesh confronts in implementing a risk-based approach for designated non-financial businesses and professions and new technologies. Therefore, it provides important insights into the dilemma regulators facing in implementing global anti-money laundering standards within their traditional legislative and regulatory framework.

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