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
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.