Combat money laundering to sustain business

Speakers at a conference have urged the authorities and high officials of the banks to put in their best efforts to prevent money laundering and terror financing from the banking sector for sustaining business.

"Banks will have to take necessary steps for preventing the risk of money laundering and terror financing to sustain their banking business in the country," Bangladesh Bank (BB) Deputy Governor and Head of the Bangladesh Financial Intelligent Units (BFIU) Abu Hena Mohd Razee Hassan said, reports BSS.

The deputy governor was speaking as the chief guest at the inaugural session of the "Chief Money Laundering Compliance Officers' Conference-2018" held on Friday at a hotel in Cox's Bazar, according to a statement.

BFIU organised the conference in association with the Anti Money Laundering Compliance Officers of Banks in Bangladesh (AACOBB).

BB Executive Director and BFIU Deputy Head Mijanur Rahman Joddar attended the conference as the special guest while Executive Director of the BB Chittagong Office Mohd. Humayun Kabir and BFIU Adviser Deboprashed Debo Nath were present at the session.

Among others, chief executive officers and chief money laundering compliance officers from different banks took part in the conference.

Razee Hasan said the banking sector was playing a vital role in keeping the currency market stable for developing the economic activities of the country.

"The government is working to sustain the economic development and success of poverty alleviation through forming effective policies and regulations," he added.

He urged the banks to upgrade technology for providing the best banking services to their clients as there is no alternative without modern technology in the present banking.