16 Dec 2016
BANGLADESH: Unique Electronic ID Code Introduced to Combat Export Fraud
Exporters will now have to provide a six-digit electronic identification code (e-EXP) before outward-bound goods are processed by customs officials. This unique, one-use code can only be obtained from the commercial bank the exporter has appointed to handle the financial side of any export transaction.
The introduction of the new protocol means that physical copies of export permit forms issued by commercial banks will no longer be accepted as valid by customs officials. As the e-EXP is verifiable against data entered by the Bangladesh Bank, the country’s central bank, it will no longer be possible for fake or duplicate export permit forms to be submitted as part of a money laundering operation.