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Clampdown on illegal money transfers from UAE to Bangladesh

Dubai city center skyline

Earlier this week the Department of Economic Development for the UAE stated it was clamping down on illegal money transfers to Bangladesh. Over 20 shops transacting without a license were closed down on a raid. Shop-keepers were sending money transfer through an app called “Bkash”. The app allows shop keepers to perform money transfer at a low cost without notifying the Central Bank of UAE.

 

Shop keepers were not issuing any form of receipt for their transaction to avoid an electronic trail.; rather, they were righting necessary details on paper before disposing of it. The consumer would pay the necessary fee’s and the money would be transferred at a substantially lower rate than licensed providers are offering.

 

The DED responded to information leading to the raid of multiple locations offering the service. All devices that were used for the money transfers were confiscated and are being examined. Mohammed Ali Rashed Lootah, CEO of DED stated that "All the shops advertised the illegal activity in the Bengali language to avoid suspicion".

 

The DED stated that shops which were offering this service were damaging to the economy and were running on an unfair advantage to local businesses. Due to this unregulated process, it is likely that their may be shops or individuals who are offering this service with the intention to commit fraud.


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