Regulatory, supervisory regimes for banks being upgraded: BB governor
Monday, 2 July 2007
FE Report
Bangladesh Bank Governor Salehuddin Ahmed said regulatory and supervisory regimes for banks and financial institutions in Bangladesh are steadily being upgraded to the standards of international best practices to ensure the soundness and solvency of the individual institutions and intermediation efficiency of markets.
He was speaking as chief guest at the inaugural ceremony of a workshop on 'Financial Crimes' organised by Citibank, N.A. Bangladesh.
The governor emphasised the need for strengthening supervision, monitoring and investigating capacities of banks and relevant regulatory agencies as well as law enforcing organisations, and above all, raising social awareness against financial crimes.
"We have to understand that capital flight, smuggling, hundi, and loan default are mainly the results of illegal activities of concerned parties, supervisory shortcomings and weak corporate governance in the banking system."
He reiterated the initiatives taken by the Bangladesh Bank that attempted to improve the legal aspects, corporate governance, loan recovery, exchange and interest rates liberalisation, corporatisation of national commercial banks (NCBs), risk management and efficiency of the Bangladesh Bank.
A total of 30 participants from Bangladesh Bank, chief adviser's secretariat, police, army, Joint Task Force, Ministry of Commerce, Ministry of Law, National Board of Revenue, Board of Investment, Securities and Exchange Commission, US Embassy in Bangladesh, Dhaka Stock Exchange, and Chittagong Stock Exchange took part in the workshop.
Citibank, N.A. Director and Head of Financial Institutions Mahbubur Rahman, the bank's Managing Director and Citigroup Country Officer Mamun Rashid also spoke on the occasion. Citibank's Anti Money Laundering Compliance Officer Atiqur Rahman and Country Compliance Officer Omar Faruqe conducted different sessions at the workshop.
Bangladesh Bank Governor Salehuddin Ahmed said regulatory and supervisory regimes for banks and financial institutions in Bangladesh are steadily being upgraded to the standards of international best practices to ensure the soundness and solvency of the individual institutions and intermediation efficiency of markets.
He was speaking as chief guest at the inaugural ceremony of a workshop on 'Financial Crimes' organised by Citibank, N.A. Bangladesh.
The governor emphasised the need for strengthening supervision, monitoring and investigating capacities of banks and relevant regulatory agencies as well as law enforcing organisations, and above all, raising social awareness against financial crimes.
"We have to understand that capital flight, smuggling, hundi, and loan default are mainly the results of illegal activities of concerned parties, supervisory shortcomings and weak corporate governance in the banking system."
He reiterated the initiatives taken by the Bangladesh Bank that attempted to improve the legal aspects, corporate governance, loan recovery, exchange and interest rates liberalisation, corporatisation of national commercial banks (NCBs), risk management and efficiency of the Bangladesh Bank.
A total of 30 participants from Bangladesh Bank, chief adviser's secretariat, police, army, Joint Task Force, Ministry of Commerce, Ministry of Law, National Board of Revenue, Board of Investment, Securities and Exchange Commission, US Embassy in Bangladesh, Dhaka Stock Exchange, and Chittagong Stock Exchange took part in the workshop.
Citibank, N.A. Director and Head of Financial Institutions Mahbubur Rahman, the bank's Managing Director and Citigroup Country Officer Mamun Rashid also spoke on the occasion. Citibank's Anti Money Laundering Compliance Officer Atiqur Rahman and Country Compliance Officer Omar Faruqe conducted different sessions at the workshop.