The Association of Bankers Bangladesh Limited (ABB) has expressed concern over what it termed incorrect and misleading reports regarding the participation of some managing directors in two upcoming events in the US.
The United States Department of Justice (DOJ), Office of Prosecutorial Development, Training, and Assistance (OPDAT), in collaboration with the US Embassy in Dhaka and the Bangladesh Financial Intelligence Unit (BFIU), closely work together to ensure governance and compliance in the banking and financial sector, according to a statement issued by the ABB on Monday.
These organisations have invited the Managing Directors of 26 banks from Bangladesh to the 4-day 6th Annual US-Bangladesh Bilateral Banking Dialogue that started in Washington, DC, on Monday, it said.
The purpose of this banking sector dialogue is to strengthen the interrelationship between BFIU and the financial institutions under its supervision, as well as to work together on issues such as Anti-Money Laundering (AML) and Combating the Financing of Terrorism.
Previous dialogues took place in New York, London, Kuala Lumpur, Bangkok, and Charlotte, USA.
From the DOJ’s perspective, attending this dialogue and adhering to the practices derived from it are mandatory for banks worldwide, the ABB elaborated.
After the DOJ’s programme in Washington, DC, the MDs of four banks—Agrani Bank, BRAC Bank, City Bank, and Dutch-Bangla Bank—will organise an event in New York to promote offshore banking fixed deposit products to expatriate Bangladeshis.
This marketing or outreach programme in New York for raising offshore banking dollar deposits has no connection with the DOJ’s banking dialogue in Washington, DC.
Bangladesh Bank recently introduced offshore banking deposit products to help increase foreign currency inflows to the country.
The MDs of these four banks will meet with over 350 Bangladeshi and foreign expatriates to encourage them to take advantage of this tax-free savings opportunity in Bangladesh.
Some media outlets have misleadingly portrayed the total cost of the four banks’ New York event, including a dinner at a five-star hotel for about 300 guests, as the per-person expense for each of the 26 bank MDs in Washington, DC, which is unfortunate, says the ABB statement.
