APG recognition to help attract more FDI: BB

Staff Correspondent

Foreign investors will choose Bangladesh more for foreign direct investment and portfolio investment in the capital market as its achievement in containing money laundering and terror financing has been recognised by the Asia Pacific Group, said Bangladesh Bank deputy governor Abu Hena Mohd Razee Hassan.
The AGP is a global anti-money laundering organisation.
Razee Hasan, who led the Bangladesh delegation to the recently concluded 19th annual meeting of the AGP in San Diego, California of the United States, came up with the observation at a press briefing at the BB headquarters in Dhaka on Wednesday.
He said a mutual evaluation report on Bangladesh regarding its steps to contain money laundering and terror financing has received the final approval of the AGP.
‘The report has been sent to Bangladesh and finally it will be published on the APG web site,’ he told reporters mentioning that out of the 40 recommendations prepared by the financial action task force of the UN body, Bangladesh became compliant for six of them, largely compliant for 20 and also partially compliant for 14.
The APG recognition came from its 19th annual meeting, he said.
After the AGP evaluation, Bangladesh will earn more confidence of the foreign investors, said the BB deputy governor.
The APG, however, said that the Registrar of Joint Stock Companies and Firms had weakness to provide licences to companies by following rules and regulations, he said.
The APG has forwarded more recommendations to strengthen the country’s capital market, banking and insurance sectors, he said.
The APG asked Bangladesh to provide a progress report by complying the rules and regulation in the sectors by July 2017, he said.
Asked how Bangladesh avoided entering into a risky zone when the amount of laundered money to Swiss banks from the country was rising every year, he said that the APG had scrutinised the issue properly.
He claimed that a large amount of money was deposited with the Swiss banks by the non-resident Bangladeshis along with the resident Bangladeshi people.
The APG evaluation will also play a vital role in achieving vision 2021 and 2041 and sustainable development goals, he said.
The report will also help maintain good relations between Bangladesh and other development partners
including World Bank, International Monetary Fund and United Nations, he said.
Razee Hassan said Bangladesh’s rating has improved compared to Norway, Sri Lanka, and Fiji, and in some cases better than a developed country like Australia.

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