Is Bangladesh’s policy response to the growing e-commerce sector compatible with its commitment to fight predicate offences for money laundering?

Md. Zahurul Haq

Journal of Money Laundering Control, 2023, vol. 27, issue 3, 520-531

Abstract: Purpose - This study aims to investigate Bangladesh’s e-commerce regulations in light of the growing criticism that they are insufficient to curb predicate crimes like fraud and money laundering in the online marketplace. Design/methodology/approach - This study used the exploratory design to examine the latest ministerial directives and laws governing e-commerce in Bangladesh to determine why they cannot prevent fraudulent activities in this promising sector and identify potential solutions. Findings - Bangladesh’s regulatory responses to e-commerce fraud prevention and detection are reactive and inadequate. Regulators are unwilling and unable to enforce available legal provisions for various reasons, including a lack of knowledge and coordination among the agencies. Research limitations/implications - This paper focuses solely on the legal and regulatory framework in place to combat e-commerce fraud. Other critical issues, such as consumer rights, privacy and data protection in e-commerce, are not addressed. Practical implications - The findings of this study will assist policymakers in revising current regulatory approaches to e-commerce to protect this sector from criminal abuse. Originality/value - This study looked into the possibility of using a proactive risk-based approach in the e-commerce sector, similar to what the Bangladesh Financial Intelligence Unit does in the financial sector.

Keywords: E-commerce; Bangladesh; Money laundering; Fraud; E-commerce policy (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-01-2023-0023

DOI: 10.1108/JMLC-01-2023-0023

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