Article 4

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Article 4 establishes the offence of money laundering and punishes this offence with 4-12 years imprisonment and a fine. This provision sets out the criminal responsibility of legal entities for this crime, and provides that entities found to have committed money laundering will be punished with a fine of not less than twice the value of the property or assets involved in the offense, or 20 lacks taka (2,000,000 taka), whichever amount is greater. In addition to this, the registration of the entity may be cancelled.

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Article 4. Offence of money laundering and punishment.

(1) For the purposes of this Act, money laundering shall be deemed to be an offence.

(2) Any person who commits or abets or conspires to commit the offence of money laundering, shall be punished with imprisonment for a term of at least 4 (four) years but not exceeding 12 (twelve) years and, in addition to that, a fine equivalent to the twice of the value of the property involved in the offence or taka 10 (ten) lacks, whichever is greater.

(3) In addition to any fine or punishment, the court may pass an order to forfeit the property of the convicted person in favour of the State which directly or indirectly involved in or related with money laundering or any predicate offence.

(4) Any entity which commits an offence under this section shall be punished with a fine of not less than twice of the value of the property or taka 20 (twenty) lacks, whichever is greater and in addition to this the registration of the said entity shall be liable to be cancelled.

(5) It shall not be a prerequisite to charge or punish for money laundering to be convicted or sentenced for any predicate offence.

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.