You are here
Home > Tech > Tech Talk > TIB WORRIED ABOUT RISKY DECISIONS IN THE BANKING AND FINANCIAL SECTORS

TIB WORRIED ABOUT RISKY DECISIONS IN THE BANKING AND FINANCIAL SECTORS

The Transparency International Bangladesh (TIB) has expressed deep concerns over government’s recent “important decisions” for the banking and financial sectors in response to the “unimpeded corruption” and “increasing money laundering”.

In a statement released on May 9, TIB executive director Dr Iftekharuzzaman called on the government to introduce risk mitigation policy by consulting with independent experts in the field.

Dr Iftekharuzzaman said that in the wake of the alarming amount of money laundering revealed by recent information, TIB is very much troubled by “the Banking Division’s excessive interest for approving three institutions to invest abroad, disregarding Bangladesh Bank’s advice.”

TIB is concerned that effective steps have not been taken to prevent the increase of illegal use of mobile banking and the consequent decrease in remittance from expat Bangladeshis. The amendment to the company legislation will facilitate plutocracy in the private banking sector, the TIB chief observed. He also warned that this may foster unaccountability and render the banking sector unregulated and unprotected.

The money deposited by the general public will also be at risk, Dr Iftekharuzzaman further said.

TIB thinks that the opportunity for private companies to invest abroad may eventually cause more money laundering if it is not put under appropriate regulations and legislative governance. Dr Iftekharuzzaman urged the government to make strong effort to bring back laundered money and to consult with the proposed experts before taking important decisions regarding this matter.

Leave a Reply

Top

Click Here To Buy Magazine 


Connected with us