Discussants have put thrust on active role of intermediaries of the capital market to combat money laundering for sustainable development of the stockmarket.
They laid emphasis on prevention of money laundering at a conference of Chief Anti Money Laundering and Compliance Officers (CAMLCO) jointly organised by the Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Financial Intelligent Unit (BFIU).
The representatives of Investment Corporation of Bangladesh (ICB), both the stock exchanges, Central Depository Bangladesh Limited (CDBL), DSE Brokers Association, Merchant Bankers Association of Bangladesh (BMBA), Association of Asset Management Companies attended the conference during May 5 to May 6 in Cox's Bazar.
Abu Hena Mohd. Razee Hassan, a deputy governor of Bangladesh Bank, attended the conference as the chief guest.
Terming the money laundering as a global problem, Mr. Abu Hena said illegal funds enter in different sectors of developing and lower income countries taking the advantage of strategic and systematic weakness and free market economy.
He urged the Chief Anti Money Laundering and Compliance Officers to build a sustainable capital market combating money laundering.
As special guest, Dr. Swapan Kumar Bala, a commissioner of the securities' regulator, said across the world the money laundering issue has an impact on national image of a country.
"The scope of cash transactions is very little in the capital market. The role of banks is important at entry and exit point of transactions," Bala said, adding that CAMLCO conference is very relevant for the intermediaries of the capital market.
Deboproshad Debnath, general manager and operational head of Bangladesh Financial Intelligence Unit (BFIU) presided over the conference where Md. Amzad Hossain, another commissioner of the securities' regulator, also spoke at the conference as special guest.
Ruksana Chowdhury, executive director of BSEC, Habibur Rahman Talukder, deputy managing director of BFIU, K.A.M. Majedur Rahman, managing director of Dhaka Stock Exchange (DSE), M. Shaifur Rahman Mazumdar, managing director of Chittagong Stock Exchange (CSE), Ahmad Rashid Lali, president of DSE Brokers Association were also present at the conference.
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Source: The Financial Express