Two-day ICFC begins at UIU

Digital tech adds impetus to financial inclusion

FE REPORT | Published: December 08, 2019 15:38:28 | Updated: December 09, 2019 13:37:38

DU Bangabandhu Chair Professor Dr Atiur Rahman speaking at the inaugural session of an international conference on 'Financial Criminology' at United International University auditorium in the city on Saturday — FE photo

Former Bangladesh Bank governor Dr Atiur Rahman said the process of financial inclusion could be made more secure and speedy through the use of digital technologies like blockchain.

Research, awareness and coordination are needed to this end to keep financial stability, he added.

Mr Rahman said this at the inaugural session of the 10th International Conference on Financial Criminology (ICFC) and Anti-Money Laundering Mechanism at United International University (UIU) on Saturday.

The event is being co-hosted by UIU and Accounting Research Institute (ARI)-Universiti Teknologi MARA (UiTM), Malaysia.

Mr Rahman, also a Dhaka University professor of development studies, addressed the event as the chief guest and United Group managing director Moinuddin Hasan Rashid as the special guest.

ARI director Prof Dr Normah Omar also spoke at the programme with UIU vice-chancellor Prof Dr Hasnan Ahmed in the chair.

At the event, Mr Rahman said the process of financial inclusion has been strengthened through tackling money laundering risks with the help of technology.

This mechanism has made the country's financial sector more humane and entrepreneur-friendly, he cited.

Referring to increased institutional capacity of Bangladesh Financial Intelligence Unit (BFIU), he said the country's position is good in terms of preventing money-laundering and financial crimes.

BFIU is playing a proactive role in the ongoing crackdown on corruption but the problem is the slow judicial procedure after detection of crime and criminals, he added.

The former central banker stressed the need for stronger coordination between BFIU, Anti-Corruption Commission, National Board of Revenue, attorney general's office and Bangladesh Securities Exchange Commission to prevent financial crimes.

At the programme, Dr Omar said, "We can't root out financial crime fully but we can prevent it and such conference will play an important role in thwarting such offences."

The ICFC organising committee chair Prof Dr FA Sobhani delivered a speech of welcome at the inaugural session.

A total of 56 research articles are being presented in eight sessions of the two-day conference. Representatives from eight countries, including Russia, Malaysia and Indonesia, have participated in the event.

The Financial Express is the media partner of the conference.


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