APG report paves way for further FDI in Bangladesh
Asia Pacific Group removes militant-infested nation tag
STAFF REPORTER
Bangladesh is no longer considered at risk of terrorism financing and being a militant-infested country, as the Asia Pacific Group (APG) on money laundering has approved the mutual evaluation report (MER) prepared by itself, said the deputy governor of the Bangladesh Bank and head of the Bangladesh Financial Intelligence Unit (BFIU), Abu Hena Mohammad Raji Hassan.
In the final report of the APG on existing laws and institutional infrastructure, against 40 recommendations of the Action Task Force on money laundering, Bangladesh was able to comply fully with six, largely with 20 and partially with 14 recommendations, Hassan said while addressing a press conference at the Bangladesh Banks auditorium yesterday (Wednesday).
The report was presented at the 19th annual conference of the APG in San Diego, USA, from September 5 to 8.
Side by side, in evaluation of effectiveness of the existing legal framework and institutional infrastructure, Bangladeshachieved scores of three substantial, four moderate and four low, said Hassan.
Bangladesh fared better than Norway, Sri Lanka, Fiji and even Australia in removing terrorism, terrorism financing, militancy and money laundering, and achieved international standards, he noted.
He said the APG expressed satisfaction over the preventive steps taken by the Bangladesh government to stop financing of militancy and terrorism.
He, however, said the report found some weaknesses, such as providing licence to joint stock companies, overall supervision and risk management.
The APG team conducted evaluation of incidents from 1996 to October 2015. These included major financial scams like the capital market scam in 1996 and 2013.
To a question, the BB deputy governor said all major financial scams have been reviewed by the APG. He emphasised cooperation among domestic agencies, including law enforcement agencies.
About the rating and recognition of terrorism financing risk-free country, Hassan said it will help develop Bangladeshs economy. It will pave the way for further foreign direct investment and reduce the excess cost of risk management in foreign trade.
Hassan also said Bangladesh will have to implement the recommendations of the APG to achieve full rating in international standards as a terrorism financing risk-free country.
To a question on recovery of heist money from the Philippines, the BB deputy governor said whether the money will be transferred to the current account of the Bangladesh Bank with the Federal Reserve Bank of the USA in New York will be clear after execution of a suit in the Philippines. It will take a couple of weeks for the issue to settle down, he added.
BB executive director Mohammd Noushad Ali Chowdhury, BFIU head of operations Debprasad Debnath and senior officials of the BFIU were present at the briefing.
