Britain pledges continued support for modernisation of Bangladesh Bank

British High Commissioner to Bangladesh, Sarah Cooke, on Thursday reaffirmed the UK government’s commitment to supporting the transformation of Bangladesh Bank into a modern, technology-driven, and robust central bank.

The commitment was made during a courtesy call with the Governor of Bangladesh Bank, Md. Mostaqur Rahman, at the central bank’s headquarters in the capital.

The meeting covered a wide range of bilateral cooperation issues, with a particular focus on the modernization of the financial sector, capacity building for the central bank, and the enhancement of human resources.

A significant portion of the discussion centered on anti-money laundering (AML) efforts and the recovery of laundered assets. Both parties expressed a firm resolve to strengthen coordination with relevant UK authorities to recover assets smuggled abroad. The talks also touched upon critical legislative reforms, including the ‘Bank Resolution Act,’ aimed at ensuring long-term stability and good governance in the banking industry.

In a move toward greater digital integration, the High Commissioner and the Governor discussed:

Digital Bank Statement Verification: Implementing a digital system to verify bank statements provided during visa applications to prevent fraud.

Combating Illegal Migration: Joint efforts to prevent illegal migration and the use of forged documents.

FATF Mutual Evaluation: Preparations for the upcoming Financial Action Task Force (FATF) assessment to ensure Bangladesh’s compliance with global financial security standards.

Governor Mostaqur Rahman expressed his gratitude for the UK’s consistent support in Bangladesh’s development journey. He reiterated the central bank’s firm commitment to building a cashless society and a resilient digital payment ecosystem.

“We are focused on ensuring transparency and good governance within the financial sector through modern technology,” the Governor noted during the exchange.

The meeting was also attended by Deputy Governor of Bangladesh Bank Dr. Habibur Rahman, Stolen Asset Recovery Consultant Farhanul Ghani Chowdhury, and representatives from the British High Commission, including Emma Wind and Issam Musaddeque.