FATF, the world’s leading international watchdog for money laundering, terror funding, and financial standard setting, is concerned that Bangladesh hasn’t done enough to criminalize terrorist financing, and isn’t freezing suspect accounts.
FATF is rightly concerned. Just take Islami Bank Bangladesh Limited as an example. IBBL is Bangladesh’s premier sharia bank, and it has used its wealth to fund jihad militants, according to intelligence from Bangladesh’s own interior ministry. Naturally, a sharia bank that funds terrorism isn’t going to freeze the accounts, or even screen the accounts, of terrorist customers.