Article 2

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Criminal liability Proceeds of crime

Article 2 provides the definitions of the term ‘proceeds of crime’, and therefore defines the scope of application of the Act.

Notes

This article provides an expansive definition of the term ‘money laundering’.  Under the Act, deriving any money or property, directly or indirectly, from a number of predicate offences, which include human trafficking, corruption, bribery, fraud, kidnapping, and racketeering, is considered to be a money laundering offence.

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Article 2. Definitions. Unless there is anything repugnant in the subject or context, in this Act […]

(c) “proceeds of crime” means any property obtained or derived, directly or indirectly, from a predicate offence or any such property retained or controlled by anybody;
[…]

(cc) “predicate offence” means the offences mentioned below, by committing which within or outside the country, the money or property derived from is laundered or attempt to be laundered, namely:

(1) corruption and bribery;
(2) counterfeiting currency;
(3) counterfeiting deeds and documents;
(4) extortion;
(5) fraud;
(6) forgery;
[…]
(10) kidnapping, illegal restrain and hostage taking;
(11) murder, grievous physical injury;
(12) trafficking of women and children;
[…]
(16) human trafficking and receiving or attempting to receive money by making false representation about foreign employment [amended by Section 2(d)(i) of the Money Laundering Prevention (Amendment) Act, 2015];
[…]
(27) racketeering; and
(28) any other offence declared as predicate offence by Bangladesh Bank, with the approval of the Government, by notification in the official Gazette, for the purpose of this Act.

Law / 20 February 2012 /Bangladesh / Prevention of Money Laundering Act 2012

The term “money laundering” is widely defined under the Prevention of Money Laundering Act 2012. Under this Act, deriving money or property from human trafficking or sexual exploitation is considered to be a money laundering offence.