Laws are being enacted to prevent fraud and money laundering

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Separate laws are being enacted for e-commerce organizations to prevent fraud and money laundering. The Ministry of Commerce will draft the law with the Ministry of Law, Home Affairs and Information. This draft may include how e-commerce sites can run their operations properly, how to protect customers from fraud, and how customers can avoid any kind of abuse with commerce merchants.

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Meanwhile, the Commerce Ministry has decided to hold an inter-ministerial meeting with the concerned ministries today as a preliminary part of the drafting of the draft law. Meanwhile, the Ministry of Commerce is going so that the concerned ministers of all the ministries involved in e-commerce are expected to be present.

The security of the customers and their money will be ensured through this law. This information has been found in the relevant sources. E-commerce sites have lost a lot of customers through e-commerce sites, which are now very popular news in Bangladesh. E-commerce users are going to protect customers' money and consumers through a specific law. So that they get the specific product in their hands in exchange for their money

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The Bangladesh Competition Commission (BCC) has found evidence of market manipulation by Evali, a well-known money laundering e-commerce company. In the light of the investigation report, the court of the commission may give a verdict against Evali soon. A few days ago e-commerce site Availing was running their business in a very popular way but due to not delivering the right products to the customers, the customers lost faith in them and started various movements to get their money back and they sued the court to get their products back. The court then assured them that it called on the Bangladesh government to enact a new law

However, legal action will be taken against any e-commerce organization if the competitor conducts illegal activities that adversely affect the market. This is because e-commerce sites have become a major cause of sales of products through various organizations and individual-initiated websites for doing business on e-commerce sites. -Commission representatives exchanged views with the chairman of the Bangladesh Competition Commission. Mofizul Islam has issued this warning.

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Meanwhile, if you want to know about the enactment of e-commerce law, the chief additional secretary of the e-commerce cell of the Ministry of Commerce. Hafizur Rahman told Jugantar that the government is thinking of enacting separate laws for e-commerce companies to ensure the safety of customers. An inter-ministerial meeting will be held with the concerned ministry for that purpose.

He added that many countries in the world have such laws. With these laws they are controlling the e-commerce business. He added that if there is a separate law for e-commerce, there will be no fraud through these organizations. Will follow a specific guideline.

According to sources, 11 companies, including Evali, have recently snatched TK 3,317 crores from customers. The government has taken the issue seriously at the policy-making level after the money laundering incident came to light. After that the initial activities of formulating this law have started. However, the current 1,000 e-commerce companies are running without any registration.

These organizations should be registered with the Ministry of Commerce. But not an organization is registered. A senior ministry official said they could not be registered as the technology system was broken. They will be brought under registration soon.

According to the relevant sources, the size of e-commerce market in Bangladesh has increased by 16 percent in 2020. At present there is a market of about 20 thousand crores taka in this sector. Stakeholders believe that the country's e-commerce sector will reach over Tk 25,000 crores by 2023.

The use of technology in e-commerce companies during the COVID-19 epidemic has led to a significant increase in the purchase and sale of essentials and medicines. However, only 6 to 8 percent of the total entrepreneurs in this sector have been successful in business activities. New laws will be enacted to control these.

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Meanwhile, the Bangladesh Competition Commission's investigation into Evali has found evidence of some irregularities and market manipulation. A hearing on the matter was held in the commission's court on Monday. However, a lawyer representing Evali's CEO and chairman attended the hearing as they were detained after the arrest. The next hearing is scheduled for October 13.

According to Competition Commission sources, Evali's unusual sales activities were caught in the eyes of the commission in 2020. Cashback offers ranging from 80 per cent to 150 per cent on products called Eid Dhamaka. The commission later found that some of Evali's activities were in violation of sections 15 and 16 of the Competition Act, 2012.

After that, the commission filed a case on its own initiative, case number 03/2020. An interim order was issued on February 15 after several hearings in the case. The order directed Evali to suspend all activities that are contrary to the competition law in the market and have an adverse effect until a full verdict is reached. The commission then formed a three-member committee to further investigate. This committee has almost completed the investigation.

If you want to know the chairman of the Bangladesh Competition Commission. Mofizul Islam told Jugantar, "First we have filed a case against Evely on our own initiative." I hope the final verdict in that case will come soon. However, the interim judgment directed that some of their unusual offers be put on hold until further notice. Hopefully, it will be possible to give a final verdict in this regard soon.

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