Factors Reducing Money Laundering to Strengthen the National Security of Bangladesh

Financial Management and Development

Money laundering is a critical global issue undermining financial integrity and national security by legitimizing proceeds from criminal activities such as draft trafficking and terrorism. This paper studies the complexity of combating money laundering in Bangladesh, highlighting the economic and security threat it poses. The study investigates key factors including focusing on intense monitoring, adoption of communication technology, coordination among bordering agencies and convenient banking channels that reduce money laundering. A sample of 517 government officials involved in anti-money laundering efforts, data was collected through a structured survey and analysed using SmartPLS and SPSS25. The findings indicated intense monitoring and advanced communication technology substantially reduce money laundering while coordination among agencies showed less significant impact. Convenient banking channels also proved effective in mitigating money laundering operations. This paper underscores the requirement for solid monitoring mechanisms and inter-agency coordination to put a bar on money laundering. This paper also discusses the rapid growth of the digital economy as a new challenge for strategies. Moreover, the research provides valuable insight for policymakers and financial institutions, focusing on a comprehensive and coordinated approach. Future researchers need to consider broader stakeholder involvement, explore additional influences, and adopt a longitudinal approach to account for technological and regulatory change.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.