Bangladesh Jewelers’ Association (BAJUS) has expressed interest to work with Bangladesh Bank (BB) and National Board of Revenue (NBR) to prevent gold smuggling and money laundering for the betterment of the country’s economic sectors and gold industry at large.

“The gold industry has already received several offers from foreign investors. The sector is also going ahead with its plan to export ornaments,” reads the letters signed by BAJUS President Sayem Sobhan Anvir.

The letters, addressed to the Governor of Bangladesh Bank Abdur Rouf Talukder and the Chairman of NBR Abu Hena Rahmatul Muneem, also highlighted the current challenges of the country’s gold industry amid continuous gold smuggling and volatile dollar market. “Smuggling of gold is not only encouraging corruption but also deepening the economic crisis of the country,” the letter reads.

“Gold ornaments and bars worth at least Tk 200 crores are being smuggled to country every day by using water, land and air routes at the cost of hard-earned foreign currency of expatriates. The amount will be Tk 73,000 crore in a year,” the letter reads.

Under the circumstances, the BAJUS President forwarded the following proposals to check gold smuggling and money laundering and to rejuvenate the country’s burgeoning jewellery industry.  

1. Form a joint monitoring cell involving BAJUS to combat gold smuggling and money laundering and identify smugglers.  Enacting stricter law by amending the current one (if necessary) to contain the smugglers.

2. Conducting a joint survey involving BAJUS to determine the detrimental effects of influx of gold bars and ornaments through abuse of baggage rule amid dollar crisis, smuggling and money laundering.

The BAJUS President expressed hope that the measures against gold smuggling and money laundering will be accelerated if the proposals are implemented. The wastage of foreign currency of the country will reduce, he also hoped.

At present, the BAJUS has about 40,000 members across the country and the gold industry has been growing with their relentless efforts.