The government is gearing up to enforce the seven action plans laid out by the Financial Action Task Force (FATF) in order to curb money laundering and terror financing,

an effort that would remove Bangladesh from the grey list of International Cooperation Review Group (ICRG).

The finance minister at a meeting at the finance division auditorium on Wednesday asked concerned authorities to execute the seven action plans

within stipulated time to come out of the ICRG list, said an official of the bank and financial institutions division after the meeting.

The action plans include the National Board of Revenue undertaking the legal process to bar transfer of illegal imported gold ornament, precious metals,

foreign currencies and transferable documents through mail and cargo. Bangladesh Bank and the NBR has formed a committee to oversee the matter.

Under another action plan that requires the implementation of United Nations Security Council resolution 1267 and 1373, Bangladesh bank

and the foreign ministry will jointly arrange a workshop on October 2 for reporting agencies of information on anti-money laundering activities.

Banking division and Bangladesh Bank will modernise and upgrade the Bangladesh Financial Intelligent Units (BFIUs) under the central bank within October 2013.

Home and law ministries and the banking division will issue the authentic English text of the Anti-money

laundering Act and Anti-Terrorist Act within September. The law ministry will issue a circular by September 9 after vetting the translated text.

Banking division and Bangladesh Bank will prepare the new National Anti-money Laundering Strategies for 2014-16 and a review of the strategies of 2011-13.

The central bank will also review the report of a consultant firm, Ric Power, on Bangladesh’s gaps with the FATF action plan.

The government has already updated the Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) statute in line with UN conventions. A statute was also enacted in 2011,

indemnifying disclosure of information in public interest and protecting whistle-blowers exposing corrupt practices in public institutions.

The bank and financial institutions division official said the finance minister had congratulated the banking division and the central bank upon securing the membership of Egmont Group of Financial Intelligence Units.

It was remarked at the meeting that the feat had further enhanced Bangladesh’s efficiency through strong cross-border ties with 139 other Financial Intelligence Units across the world.

The membership also enabled Bangladesh to recover money laundered by BNP Chairperson Khaleda Zia’s son Coco.
Bangladesh has been on the grey list of international money laundering and financing of terrorism risks for the last three years.

The list is prepared by the Paris-based intergovernmental group FATF in February every year. The categories are: “grey list” for those with a high-level political commitment to address the AML/CFT deficiencies,

“dark grey list” for those with high risk and non-cooperative to which countermeasures apply and the “black list” for those which are non-cooperative and have not committed to an action plan.

DHAKA, SEPT 8: Around 2.12 crore people were come into the country’s banking channel during the last four years. Bangladesh Bank disclosed it at a press statement on financial inclusion on Sunday.

At the end of year 2008, the number of total depositor was reached 3.76 crore which was increased to 5.88 crore at the end of 2012, recording 56 per cent growth. Besides,

the number of creditors was 85.79 lakh at the end of 2008 which was reached 95.98 lakh at the end of 2012, registering a 12 per cent growth over the last four years, according to the central bank.

In order to bring the general people into the banking channel, a total of 56 banks are now providing banking services. Of which, four are state-owned commercial banks,

four are specialized banks, 39 are private commercial banks and the rest nine are foreign commercial banks. As of June 2013, these banks are cater

ing the needs of banking services of the general people through their 8427 branches, the BB data revealed.
Moreover under the deep supervision of the central bank,

a total of 31 non-bank financial institutions are playing a vital role in meeting the financial needs of the small and medium enterprises through offering various services including lease financing, house loan and project loan.

During the last four years, these non-banks financial institution opened 90 new branched to reach their services to the doorsteps of the general people.

In addition, mobile banking services have also strengthened the central bank efforts of promoting financial inclusion and expand the banking service into the rural areas.

The central bank has given approval of providing mobile banking services to 28 commercial banks. Of which, 18 banks are now playing a very significant role in providing banking services to the unbanked people.

The 18 banks have employed more than one lakh people and enterprises as agent of mobile banking.

The number of registered clients of mobile banking reached 72 lakh during the first three years of the

commencement of mobile banking services, which is a very remarkable achievement for the banking sector.

DHAKA, SEPT 8: United States Agency for International Development (USAID) has joined hands with BRAC Bank to extend credit opportunities to small and medium agricultural enterprises in 20 districts of the southern part of Bangladesh.

US Ambassador to Dhaka Dan Mozena and BRAC Bank managing director and CEO jointly made the announcement of the partnership at a press event, held at American Recreation Association on Sunday

Under this programme, BRAC Bank will disburse nearly Tk 40 crore ($5 million) as loans to businesses engaged in producing and processing crops, poultry, fishing, and livestock. USAID will guarantee 50 percent of each loan.

These loans of up to 10 lakh taka (US $13,000) each, will be invested by farmers and businesses in technology, such as machinery and high-yielding seeds, to increase productivity.

This partnership complements the US Government's Feed the Future Initiative, which aims to reduce overall hunger and poverty by boosting agricultural production across south and southwestern Bangladesh. 

The programme also supports Bangladesh government's effort to increase credit to small enterprises in the agribusiness sector.

Joint secretary of Agriculture Ministry Kazi Obaidur Rahman and USAID mission director Richard Greene also spoke on the occasion

CHITTAGONG: Karmasangsthan Bank earned Tk 33.62 crore operating profit in fiscal year 2012-13.

During the period, the bank disbursed Tk 364 crore as loan and recovered Tk 370 crore, said deputy general manager of the bank Dibakar Chowdhury.

“The bank is making profit since it’s incepting in 1998. It is regularly paying corporate and other taxes,” he added.

According to the data, Karmasangsthan Bank has so far disbursed credit worth Tk 1,841.61 crore among 2,92,324 people and recovered Tk 1,533.87 crore. The bank’s credit programmes have created self-employment opportunities for 10,55,290 people across the country, said Dibakar Chowdhury.

“Our rate of interest is only 8 percent and Karmasangsthan is the only bank that gives loan up to Tk one lakh without any collateral,” he added.

This specialized bank provides credit especially to unemployed young men and women for self-employment. At present, the bank has a total of 15 regional offices and 212 branches covering all divisional headquarters and over 144 upazilas. —BSS

 IFIC Bank Ltd opened the Satkhira branch of the bank at a new premise at Mojaher Ali Complex at Saheed Kajol Sarani in Satkhira on Sunday.

SM Abdul Hamid, Deputy Managing Director and Chief Financial Officer (CFO) of the bank inaugurated the branch at new premises, said a press release.

AKM Mozharul Hoque, Company Secretary and Senior Executive Vice President of the Bank and other senior executives attended the inaugural ceremony.

Local dignitaries and businessmen were present at the function.