Calls to strengthen coordination to combat terror financing

January 26, 2014 00:00:00

Bangladesh Bank (BB) Governor Dr Atiur Rahman and other guests and participants of the day-long workshop pose for photograph at a city hotel on Saturday. Bangladesh Financial Intelligence Unit, BB organised the workshop on \'Recent Development on AML/CFT

Bangladesh Bank (BB) Governor Dr Atiur Rahman on Saturday suggested all authorities concerned to strengthen coordination among them to combat terror financing through money laundering.

He was addressing a workshop on "Recent Development on AML/CFT Regulation and Mutual Evaluation Preparation" at a city hotel.

Representatives from Finance Ministry, Home Ministry, Foreign Ministry, Central Bank, Anti-corruption Commission, Criminal Investigation Department, Bangladesh Securities and Exchange Commission, Microcredit Regulatory Authority, NGO Affairs Bureau, Bangladesh Post Department and Department of Cooperatives attended the day-long workshop, reports BSS.

The workshop was aimed at reviewing the activities relating to Mutual Evaluation, which is used to rank the position of a country in anti-money laundering activities and combating financing of terrorism (AML/CFT).

Suggesting stronger cooperation among the ministries and authorities concerned, which would help accomplish the tasks effectively against money laundering and terror financing, Dr Atiur sought cooperation from all concerned to make the plan and activities of Bangladesh Financial Intelligence Unit (BFIU) a success.

Earlier in 2008, the regional body of the Financial Action Task Force (FATF) - Asia Pacific Group (APG) carried out Mutual Evaluation on Bangladesh. The APG in its subsequent report said that Bangladesh improved its position to Largely Compliant (LC) group in 14 out of 16 core and key recommendations, set out the FATF.

Addressing the occasion, Secretary of Bank and Financial Institutions Division, Finance Ministry Dr. M Aslam Alam said the legal infrastructure has already been improved a lot to fight against money laundering and terror financing. Dr Alam presided over the inaugural session of the workshop.

Discussing on 11 immediate outcomes of the FATF, he urged all concerned to ensure practice of the international standard related to the FATF agenda.

BB Deputy Governor and Chief of BFIU Abu Hena Mohd. Razee Hassan gave a detail about the Mutual Evolution process.