Gold smuggling causes siphoning off Tk 730bn annually

Bangladesh Jeweller's Association (BAJUS) has urged the government to strengthen drives as Tk 730 billion is being laundered annually through gold smuggling.

"In a recent assessment, we found that gold worth Tk 2 billion is being smuggled into the country everyday. So, the smuggling of gold causes money laundering of Tk 730 billion annually," Enamul Haque Khan Dolan, Chairman of  BAJUS Standing Committee on Anti-Smuggling and Law Enforcement, told a press briefing at its head office in the capital on Saturday.

Vice-Chairman of the anti-smuggling committee Bidhan Malakar, member secretary Ikbal Uddin, and members Swapon Chandro Karmakar, Bikash Ghosh, Nazrul Islam, and Babul Rahman were present. 

The official claimed that the money laundering through gold smuggling by a group of greedy businessmen has created negative impact on foreign currency reserve.

On behalf of BAJUS President Sayem Sobhan Anvir, the trade body leader requested Bangladesh Bank and National Board of Revenue (NBR) to make an assessment on economic impact of the money laundering through gold smuggling.

Enamul Haque Khan said BAJUS is conducting research to find out the 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 jewellery with hallmark to protect the industry from fake gold.

Earlier, Sayem Sobhan Anvir wrote to the home and finance ministers and the National Board of Revenue chairman, urging them to give the members of law enforcement agencies and customs 25 percent of gold recovered during drives as reward.

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