Insurance companies have been asked to develop strong administrative infrastructure to combat illegal money laundering through trade financing.
High officials of Bangladesh Bank (BB) officials and insurance people made the appeal while addressing a conference in city recently. They also highlighted the urgency for strengthening corporate governance in their respective organizations.Bangladesh Financial Intelligence Unit (BFIU) and Insurance Development and Regulatory Authority (IDRA) jointly organised the conference of top executives on money laundering at a Dhaka hotel on Saturday.
BB Governor Fazle Kabir was the chief guest while BFIU Chief and Deputy Governor Abu Hena Mohammad Razee Hassan was special guest at the meeting. Financial Institute Division Senior Secretary Asadul Islam and Bangladesh Insurance Association (BIA) President Sheikh Kabir Hossain were also present.
IDRA Chairman Shafiqur Rahman Patwari presided over the meeting while IDRA member Gokul Chandra Das made the welcome address.
Addressing the conference, Governor Fazle Kabir said the government has emphasized on development of insurance sector which was reflected in recent national budget where Finance Minister made several proposal for expansion of this sector for more inclusion.
Governor also emphasised on strengthening the organisational operations of insurance firms to fight against the illegal capital flight utilising insurance coverage.
Deputy Governor Abu Hena Mohammad Razee Hassan made a presentation on present scenario of illegal money laundering through trade financing and its impact with insurance sector.Senior Secretary Asadul Islam underscored the importance of skill development of fund manager as they can maintain international standard in service.