Fighting trade fraud requires appropriate tool: ICC,B chief

FE Report International Chamber of Commerce-Bangladesh (ICCB) president Mahbubur Rahman expressed his hope that the Bangladesh Bank and commercial banks would develop appropriate mechanism for detecting and preventing frauds in the country's trade and business areas. "The recent scams in some of our state-owned banks gave a strong warning to the private commercial banks and have posed a threat for the genuine companies to have financing from the banks for their operation. Besides, the commercial banks are also taking extra precautionary measures in opening of LCs, may be due to which we observe lesser import in the recent past," the ICCB president said Monday while addressing an ICCB Workshop on International Trade Fraud : Prevention, Control & Remedies in the city. "The recent scam is nothing but a straight cheating by some so-called companies in connivance with a group of bank officials and influential quarter," Mr Mahbubur Rahman said. He said Bangladesh has been growing fast in the international trade. Both import and export are increasing at substantial rate. Bangladesh is now considered to be an emerging trading nation with a trade volume of USD 60 billion or so. "As the international trade is growing all parties involved in the trade is also getting exposed to the risk of fraud. The more the market of import-export is expanding the more we are facing the risk of unknown events including fraud," the ICCB president added. Mr. Rahman also mentioned that today's workshop is of utmost importance in the back drop of series of scam in the banking sector in view of the Hall-Mark episode involving some Tk 26 billion (2,600 crore) plus or so. He further added another workshop on the same topic will be held in Chittagong today (Tuesday) and an Interactive Session on International Trade Fraud: Detection & Prevention will be held tomorrow (Wednesday). Mr. Mamun Rashid, Chairman of ICCB Standing Committee on Banking Technique & Practices and Mr. P. Mukundan, Director and Chief of ICC- Commercial Crime Services who conducted the workshop and ICCB Secretary General Ataur Rahman also spoke on the occasion. A total of 88 participants from banks, financial institutions and export oriented industries attended the workshop and around 50 participants are expected to attend in the Chittagong Workshop.