Over the past years, Bangladesh and Malaysia have signed several intergovernmental agreements aimed at regulating labor migration between the two countries. Malaysia traditionally remains one of the largest labor markets for Bangladeshi workers employed in construction, manufacturing, and services. Despite declared reforms intended to simplify and reduce hiring costs, problems persist in practice. One of the main issues remains the activity of so-called syndicates—limited groups of brokers and agencies that effectively monopolize the process of migrant worker placement. This leads to artificially inflated costs for working abroad: candidates must pay significantly more than officially set rates for document processing, visas, and job placement. High migration costs result in debt dependency for many workers, who are forced to take out loans or mortgage property to pay for overseas job placement expenses. Subsequently, this increases their vulnerability to employers and heightens risks of workplace exploitation. Human rights organizations and labor migration experts note that, despite the declared objectives of reforms—increasing transparency and protecting workers' rights—no real improvement in the situation occurs. Cases of labor rights violations, including wage delays, poor working conditions, and restriction of freedom of movement, continue to be documented. The situation raises questions about the effectiveness of state regulation of labor migration and the need for stricter control over the activities of intermediary agencies on both sides. Without eliminating the root causes—primarily the syndicate monopoly and absence of a transparent pricing mechanism—subsequent agreements risk failing to deliver expected results for migrant workers themselves.