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Banks urged to develop data depository

Guideline to check money laundering at final stage


FE Report | Published: May 21, 2019 09:21:53 | Updated: May 22, 2019 13:42:54


Banks should create their own data bank to help prevent trade-based money laundering using their services, speakers at a programme said Monday.

They said the data should be open for use by all the commercial banks so that they can share information.

The speakers said all relevant organisations including the National Board of Revenue (NBR) need to work in coordination with one another to stop money laundering.

The views came at a review workshop titled "Addressing trade-based money laundering: an Assessment" organised by the Bangladesh Institute of Bank Management (BIBM) in the capital, according to a statement.

The review paper was prepared by a team of bankers and academicians led by BIBM director Dr Shah Md Ahsan Habib.

Speaking as the chief guest, deputy governor of the Bangladesh Bank (BB) SM Moniruzzaman said money laundering is a challenge not only for Bangladesh but also for other countries in the world.

He said all the organisations concerned have to work together to check money laundering.

Mr Zaman said the central bank had taken many initiatives in the past to prevent trade-based money laundering but to little avail.

The central bank will issue a new guideline on trade-based money laundering, which is at the final stage now, he said.

Dr Muzaffer Ahmad chair professor at BIBM Prof. Barkat-e-Khuda said there is shortage of skilled manpower to prevent money laundering and bankers have to keep it in mind.

He said a data bank should be created by banks and the information of the banks might be shared with other banks.

BIBM supernumerary professor Helal Ahmed Chowdhury said authorised dealer (AD) branches of the banks should be monitored strictly to check money laundering.

He said bankers need to know the nitty-gritty of trade besides banking.

Another BIBM supernumerary professor Yasin Ali said bankers need to be well aware of credit report to prevent trade-based money laundering.

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