Unveiling The Shadows: Exploring Money Laundering Mechanisms In Bangladesh's RMG Sector

Author(s)	Md Emran Ahmmed
Country	Bangladesh
Abstract	This study examines the intricate web of money laundering in Bangladesh's Readymade Garments (RMG) sector, a vital industry for the nation's economy. Utilizing two ethically sound focus group discussions (FGDs) with various stakeholders, including RMG representatives, labour leaders, legal experts, and law enforcement officers, the study was conducted in Gazipur, a significant centre for garment manufacturing in Bangladesh. The findings highlight the multifaceted nature of prevalent money laundering strategies in the RMG industries. Notable techniques include trade-based money laundering, smurfing and structuring, false invoicing, shell companies, offshore accounts, cost manipulation, informal value transfer systems (IVTS), and real estate investments. This research sheds light on the concealed financial complexities of the RMG industry, highlighting the need for vigilant regulatory measures and industry-wide awareness.
Keywords	Money Laundering, RMG Sector, Bangladesh, Trade-Based Money Laundering, Smurfing, False Invoicing
Field	Sociology > Intelligence / Security
Published In	Volume 5, Issue 6, November-December 2023
Published On	2023-12-01
DOI	https://doi.org/10.36948/ijfmr.2023.v05i06.7775

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