Experts for awareness of professionals, people

Experts at a conference on Wednesday emphasised creating awareness among professionals and people about money laundering and terrorist financing to combat such crimes.
General people become involved in the offences mostly because of their unawareness, they opined.
The Institute of Chartered Accountants of Bangladesh (ICAB) arranged the members' conference titled 'Anti-Money Laundering and Counter-Terrorist Financing Measurers of Financial and DNFBP Sectors: Bangladesh Perspective' in the capital.
Bangladesh Bank (BB) Governor Dr Atiur Rahman was the chief guest at the programme, while Anti-Corruption Commission (ACC) director general (DG) Brigadier General (Retd) M H Salahuddin was the special guest.
Conducted by ICAB president Masih Malik Chowdhury, a panel discussion was addressed by Murad Reza, additional attorney general, Ali Reza Iftekhar, chairman of Association of Bankers, Bangladesh (ABB) and managing director of Eastern Bank, M Mahfuzur Rahman, BB executive director, Quazi Shirajul Islam, president of Bangladesh Jewellers' Association, Priyani Malik, World Bank financial sector specialist, and Khurshid Alam Khan, ACC panel lawyer.
Md Syful Islam, former president of ICAB, presented the keynote paper.
The speakers opined that the professional, statutory and regulatory bodies concerned would have to come forward and work together to combat money laundering and terrorist financing.
Some said the regulator, especially the central bank, should take the leadership, as most of such offences cannot take place bypassing the channels of banks and other financial institutions.
In his speech, the BB governor called upon the auditors to remain cautious, so that they are not 'misused' anyway in committing the crimes.
"If necessary, you will have to report to the Bangladesh Financial Intelligence Unit (BFIU)."
"To implement the law (enacted to combat such offences), the role of auditors is the most important among all the reporting agencies, because they are considered as the gatekeeper of any financial system," the BB governor added.
Mr Salahuddin said there is lack of training as well as weakness in investigation and witnesses in combating and trying such offences.
The crimes occurred mostly due to not filling up the KYC (Know Your Customer) form properly and influence of the bank managements concerned. But the junior officers become victims, he also said.
"If the bank audits are certified religiously and (conducted) not for satisfying the managements, the frauds like money laundering and terrorist financing will decline," opined the ACC DG.
From his legal practicing experience, Mr Khurshid Alam said due to 'complicated provisions and definitions' of the relevant laws, trial process of such cases are being hampered.
He further added that 50 per cent of such offences will reduce, if the bank officials perform their duties with highest integrity.
Mr Mahfuzur Rahman said most of the bank officials perform their duties honestly, but there might be a few officials involved in the malpractice.
 Mr Iftekhar said apart from KYC, the banks are now practicing the mechanism of KYCC (Know Your Customer's Customer), and KYE (Know Your Employees).
Knowing the customers is a continuous process, he said, adding that the banks should remain updated about the changing information of their customers to fight money laundering.
"It is not possible to reduce the offence to zero level, but (it is possible) to minimize it (to a level) by strong and timely reporting (to the regulator) and creating awareness among the stakeholders," the ABB chairman added.
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