The New Nation - Internet Edition

BB to sign anti-money laundering deal with Malaysian central bank

BUSINESS REPORT

Bangladesh Bank, the central bank of the country will sign an agreement with Bank Negara Malaysia, the central bank of Malaysia today (Tuesday) on sharing information to recover siphoned off money as part of its anti-graft campaign.

Bangladesh Bank's Financial Intelligence Unit will sign the Memorandum of Understanding (MoU) with their central bank counterpart in Kuala Lumpur today as negotiations are underway with 24 other countries for similar agreements.

Bangladesh Bank is also expected to sign similar agreements with the central banks of several countries including India.

The Bangladesh Bank is also trying to join the Egmont Group, an organisation of financial intelligence units, to share information on and combat money laundering and terror financing.

The Bangladesh government believes Malaysia to be one of the major destinations of the money smuggled out of the country.

According to the World Bank, the cross-border flow of proceeds from criminal activities, corruption and tax evasion is estimated at between $1 trillion and $1.6 trillion per year - half of this originating from developing and transitional economies.

Bangladesh Bank officials said the deal with Kuala Lumpur was focused on sharing information on money laundering to facilitate investigation of cases against the corruption suspects.

"The government will negotiate the issue of further cooperation in repatriation of the smuggled money later on," as many corruption suspects invested huge money in Malaysia taking advantage of the Malaysian "Second Home Project", a central bank official said yesterday.

Officials said that according to their estimates millions of dollars were siphoned off the country by corrupt politicians but a process was underway to bring back the money while the corruption suspects were forced to return already $129 million.

A senior official of the Ministry of Finance earlier said that Bangladesh also applied for the membership in Egmond Group, a worldwide association of agencies operating against money laundering, alongside signing bilateral deals with several countries to return the smuggled money. Countries like Canada, UK, US and Australia have asked Bangladesh to become a member of Egmond Group.

The Foreign Ministry last year requested the Malaysian government to provide Bangladesh with a list of the people who had availed the opportunity of the Second Home Project but Malaysia did not respond to the proposal at that time.

But once the MoU is signed, Kuala Lumpur is expected to provide detailed information on particular Bangladeshis, the central bank officials said.

Twenty-five other countries with which the Bangladesh Bank is trying to pen similar agreements included India, Thailand, Sri Lanka, the Philippines, Mauritius, Indonesia, Japan, Nepal, Maldives, Afghanistan, Myanmar, Vietnam and Cambodia.

Premier Bank joins Bank and Non Bank Institutions Fair 2008

BUSINESS REPORT

With a view to creating opportunities for consumers to have a dim interaction with products and services, The Premier Bank Limited joined the 'Bank and Non Bank Financial Institutions Fair 2008' that was concluded on August 9 at Dhaka Sheraton Hotel.

Adviser to the Ministry of Commerce and Education Dr Hossain Zillur Rahman accompanied by Governor of Bangladesh Bank Dr Salehuddin Ahmed visited the well furnished stall No. 43 of The Premier Bank Limited immediately after the inauguration of the Fair. The guests were received and greeted by Vice Chairman of the bank BH Haroon together with Managing Director Khondker Fazle Rashid. Among others, Additional Managing Director Md Mokhlesur Rahman and Head of Corporate Marketing Dewan Anwarul Latif were also present.

The three-day fair that began on August 7 remained open from 10:00am to 8:00pm everyday at the Winter Garden, Dhaka Sheraton Hotel. The first ever of its kind in Bangladesh, the Fair with all banks and non bank financial institutions under the same roof, received huge response from the visitors in and around the metropolitan city.

SIBL officials urged to work hard with honesty, sincerity

BUSINESS REPORT

A training course titled "Refresher's Course in Banking" organized by training institute of Social Investment Bank Ltd was held on August 10, 2008 at Bank's Head Office in the city. Thirty officers from different branches and Head Office attended the course.

SIBL Chairman Abdul Awal Patwary inaugurated the course as chief guest. Managing Director KM Ashaduzzaman and Deputy Managing Director Abu Sadek Md Sohel were present as special guests in the opening ceremony of the course.

SIBL Chairman Abdul Awal Patwary called upon the participants to work hard with honesty and loyalty for improvement of the institution.

Managing Director KM Ashaduzzaman asked SIBL officers to equip themselves with proper knowledge to face the 21st century banking challenges.

Md. Akhtar Hussain, Principal of SIBL training Institute and other senior executives and officers were present in the inaugural ceremony.

BKB managers asked to work hard to attain business targets

BUSINESS REPORT

Md Mukter Hussain, Managing Director of Bangladesh Krishi Bank (BKB) speaking as the special guest at the conference of the Branch Managers of bank's Dhaka Division held at the BKB Training Institute Auditorium, Mirpur, Dhaka on August 9. Khondkar Ibrahim Khaled, Chairman of the Board of Directors of the bank was the chief guest on the occasion.

Among the top officials, Md. Joynal Abedin, Deputy Managing Director and Masud Ahmed Khan, General Manager (Operation) were also present at the conference.

Chaired by General Manager of Dhaka Division Md Siddikur Rahman the conference was participated by all Regional Managers, Regional Audit Officers, Managers of all branches and other concerned high officials of the Division.

The conference reviewed performances achieved by the branches during the past financial year and advised all concerned to make concerted efforts with a view to achieving all business targets of present financial year.

HSBC opens SME Customer Service Centre at Old Dhaka

BUSINESS REPORT

The Hongkong and Shanghai Banking Corporation (HSBC) Ltd in Bangladesh formally inaugurated the first SME Customer Service Centre (CSC) at Old Dhaka on August 9 last.

Sanjay Prakash, Chief Executive Officer of HSBC Bangladesh formally inaugurated the CSC.

This CSC will offer ATM, instrument collection (through drop box) and advisory support to the customers. Customers will be able to provide instructions for real time fund transfers and non-cash transactions in the CSC which will be forwarded to the respective branches for onward action.

On this occasion, Sanjay Prakash, CEO of HSBC Bangladesh said, "The CSC would open up new horizons for the SMEs by assisting them to leverage on HSBC's global capabilities and wide global network."

Md Mahbub-ur-Rahman, Corporate Banking Head of HSBC Bangladesh said, "Old Dhaka is the heartland of major commercial and trading activities of the country and HSBC is pleased to provide banking requirements of this important business community in the area."

Other HSBC officials were also present on the occasion.

Nokia launches 'Keep Dreaming' Initiative to help people connect to their dreams

BUSINESS REPORT

Nokia in Bangladesh yesterday launched 'Shopno Dekhun' (Keep Dreaming) initiative to help people connect to and materialize their dreams.

Nokia would provide one time financial support to help materialise dream to ten outstanding 'dreamers' including five students and five small and medium entrepreneurs (SMEs).

Annoumcing the 'Shopno Dekhun' (Keep Dreaming) contest though a press conference at a hotel of the city, Managing Director of Nokia Emerging Asia, Prem Chad said the objective of Nokia keep dreaming initiatives is to help people connect to their dreams and passion.

"At Nokia we believe in connecting people everyday to what is important to them in their personal and professional lives. One of the core values at Nokia is passion for innovation. We hope to encourage people to feel passionate about their dreams, inspire innovative ideas and we would be glad to play a role in helping those who have the vision and gift to see their dreams come true," he said.

Nowfel Anower, Marketing Manager of Nokia explained the modalities of the campaign.

He said, "Nokia users have a unique platform to make their dreams come true. The competition is open to all Nokia users with valid IMEI number. They could collect the competition forms from more than 6500 Nokia selling outlets across the country. They have to answer three questions: write about dream; explain the inspiration behind the dream and fulfilment of this dream would lead to success. The competition is open till September 15 and filled up forms have to be sent to Nokia Shopno Dekhun, GPO BOX 507, Dhaka.

Three renowned personalities--Shykh Seraj, agriculture development activist and Director and Head of News, Channel I, Anisul Haq, dramatist, novelist and Deputy Editor, the Daily Prothom Alo and Sara Zaker, actress, theater activist and Executive Director of Asiatic JWT-have been selected as the members of the jury board for the contest.

"We are extremely fortunate to have the support of our esteemed panel of judges. Their guidance and insight will help create a life changing experience for the participants," Nowfel Mentioned.

The panel of judges would short list the entries based on the relevance, practicality, and self-development aspect of the idea and would also consider whether it would help make a contribution to society.

A spot evaluation team to verify the information provided will then vet the short listed candidates. The panel of judges would select the final winners after this evaluation is completed.

DBBL newly recruited officers urged to serve clients with professionalism

BUSINESS REPORT

Dutch-Bangla Bank Limited organised a week long Orientation Course for the newly recruited Assistant Officers. Additional Managing Director of the Bank AHM Nazmul Quadir inaugurated the orientation course held on August 10, 2008 at the bank's Training Centre at Dilkusha in the city.

The Orientation Course is designed aiming at familiarizing the participants with the principles, rules, regulations, roles & functions of the Banking services. A total of 38 newly recruited Assistant Officers have participated in the course.

In his inaugural speech, Mr. Nazmul Quadir welcomed the officers in banking profession as well as in the Dutch-Bangla Bank family.

He laid emphasis on the need for commitment to the job and institution, devotion, sincerity, honesty, hard work and professionalism to meet the ever growing business needs of the clientele.

He also mentioned that the success of a Bank mostly depends on the core work force of the bank.

He advised the officers to update themselves with the art of modern technology in order to perform their duties efficiently.

Among others, Head of Human Resources Division and Training Wing Md Shamsuddin Ahmed also spoke on the occasion.

Warid offers bonus talktime, SMS on recharge

Warid Telecom is offering special bonus talk-time for its Zem prepaid users from yesterday for recharging their accounts with scratch cards.

Under the offer, Zem prepaid subscribers can avail the bonus talk-time worth Tk 10 to Tk 175 by recharging their accounts with scratch cards of any denominations from Tk 50 to Tk 500.

Apart from that, the subscribers could also avail 10 to 175 free SMS on the basis of their recharges.

The latest offer will remain valid till August 31while the bonus talktime and free SMS will remain valid up to 30 days after the recharge.

The subscribers could use the bonus talk-time for making calls to other operators while the SMS can only be sent to Warid users.

Warid management believes the new bonus offer will encourage valued subscribers to recharge their accounts for enjoying the bonus talktime and SMS.

Since its commercial operation in Bangladesh in May 10, 2007, Warid Telecom, which invested US$500 million to establish the state-of-art Next Generation Network (NGN), has acquired over 3.0 million subscribers through spreading its network to 64 districts. Warid has aggressive plans to further invest and roll out extensive coverage across Bangladesh.

IFIC Bank Ltd holds seminar on Prevention of Money Laundering

IFIC Bank Ltd conducted a half day seminar on 'Prevention of Money Laundering' on August 9 last at its Academy at Chamber Building, Motijheel C/A in the city.

A total of 43 officers from 43 branches of the bank attended the seminar.

M Mahfuzur Rahman, General Manager and Md Abdur Rab, Asstt Director, Anti-Money Laundering Department of Bangladesh Bank, Head Office, Dhaka were the main speakers in the seminar. Salient features of the 'Promulgation of Money Laundering Prevention Ordinance-2008' and the course of actions to be taken by the bank in the light of the ordinance were discussed in the seminar.

Md Abu Tayeb, Senior Vice President and Incharge of Training and Research Division and Md Ataur Rahman, First Vice President and Chief Anti Money Laundering Compliance Officer of IFIC Bank Ltd were present at the seminar and delivered speeches.

It may be mentioned here that it was the 23rd programme of IFIC Bank Academy in the year 2008.

The seminar was jointly organised by IFIC Bank Academy and Central Compliance Unit of Prevention of Money Laundering of the bank.

BB takes repos, reverse repos

Bangladesh Bank yesterday accepted seven bids of one-to-seven day repos worth Tk 12.475 billion at an 8.50 per cent interest rate.

On Sunday the bank accepted three bids of 1-day repos worth Tk 9.505 billion at the same rate.

The bank also accepted two bids of one-to-seven day reverse repos worth Tk 1.22 billion at a 6.50 per cent interest rate.