The government has tightened monitoring of large import transactions to prevent money laundering and illicit fund transfers through international trade.

Under the new measures, banks must notify Bangladesh Bank at least 24 hours before opening letters of credit (LCs) for imports worth $3 million or more.

The requirement is part of the Import Policy Order 2026–2029 and a Bangladesh Bank foreign exchange policy circular issued on August 13. According to the guidelines, authorised dealer (AD) banks must submit relevant information through the online import monitoring system before opening such LCs. Government imports are exempt from the requirement.

Banks have also been instructed to closely verify the identities of importers and foreign exporters, product descriptions, declared prices and related commercial documents. The move will bring high-value import LCs under closer scrutiny by the central bank before they are opened.

The initiative aims to prevent over-invoicing, misdeclaration of goods, fake trade transactions and money laundering through imports. Authorities will be able to more closely examine whether importers are sending excessive amounts of money abroad by declaring inflated prices and whether the actual goods match the information provided in import documents.

Former finance adviser and former Bangladesh Bank governor Dr Salehuddin Ahmed said import-related information should be properly scrutinised before opening LCs, regardless of the transaction size.

He said effective verification at three levels the identities of importers and exporters, product prices and commercial documents could significantly reduce the risk of money laundering through trade while improving accountability and transparency in the import process.