Govt to amend money laundering prevention act

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FE Report
The government is going to amend the existing Money Laundering Prevention Act to check illegal fund transfer in line with the international standards.
"To prevent illegal money transfer and hundi business the Money Laundering Prevention Act is being made more comprehensive and foolproof," Finance Adviser Mirza Azizul Islam in his budget speech Thursday.
Sources, however, said the draft of Money Laundering Prevention Ordinance is now awaiting law ministry vetting. The finance adviser also said the Banking Companies Act, 1991 is being amended to infuse dynamism in the activities of the banking companies, improve loan administration and strengthen Bangladesh Bank's supervisory role.
Currently, the processes of corporatisation of three nationalised commercial banks (NCBs) are going on aiming to strengthen the financial health of the country's banking sector.
"In order to strengthen financial sector, three NCBs have been converted into public limited companies. This will enable the NCBs to operate like private commercial banks," the adviser added.
Meanwhile, the Bangladesh Bank (BB) has issued licences to three NCBs- Sonali, Janata and Agrani allowing their operations as public limited companies.
The management of the NCBs is now preparing to sign vendor agreements with the government to transfer all liabilities and assets to the newly formed public limited companies from earlier ones.
The Ministry of Finance earlier ordered the banks to apply to the Registrar of Joint Stock Companies & Firms by April 22 after finalisation of the prescribed Memorandum and Articles of Association for their registration as public limited company.