Suspicious transactions increased by 62.32pc in FY22, says BFIU

The suspicious transaction reports (STR) and suspicious activity reports (SAR) have increased by 62.32 per cent in the fiscal year 2021-22, compared to that of the previous fiscal year. According to a report of Bangladesh Financial Intelligent Unit (BFIU), a concern of Bangladesh bank, at reports of 8,571 STR and SAR were received in the outgoing fiscal year. The number of such reports was 5,280 in the fiscal year 2020-21. In a fiscal year, STR has increased by 3291 or 62.32 per cent, according to UNB. Earlier in FY20, there were 3,675 suspicious transaction and activity reports; in FY19 such transactions were 3.573, the BFIU’s latest annual report said. BFIU presented the report’s details during a press conference at Bangladesh Bank on Monday. The central bank’s Executive Director and BFIU head Masud Biswas shared the information with the media.

Source: https://thefinancialexpress.com.bd/economy/suspicious-transactions-increased-by-6232pc-in-fy22-says-bfiu-1667214991

Romana elected as Bank Asia Securities chair

Romana Rouf Chowdhury has been elected chairman of Bank Asia Securities at the 51st meeting of its Board of Directors. Chowdhury is one of the directors of Bank Asia, said a press release. She is also the managing director of Sea Natural Food, Sea Fishers and Sea Resources Group. She is a director of various sister concerns of Rangs Group as well. Chowdhury has more than 25 years’ experience as an industrialist and founded multiple ventures in different fields, such as food, retail and architecture. She completed her graduation from Brac University and attained an MBA from the Florida Institute of Technology in the US. She has also completed executive education from Harvard Business School and Columbia Business School. 

Source: https://www.thedailystar.net/business/economy/news/romana-elected-bank-asia-securities-chair-3157406

IMF briefed about $1.76b budget support target from donors

The finance ministry has informed the International Monetary Fund (IMF) about a $1.76 billion budget support target from various development partners this fiscal year amid a US Dollar crunch. At a meeting with a Dhaka visiting IMF team, the Finance Division on Thursday informed the Washington-headquartered financial institution that the import bills for capital machinery, equipment and energy will increase more this year compared to the previous fiscal. The IMF delegation was also briefed about the government’s various belt-tightening measures aimed at reducing the macroeconomic risks, revenue boosting plan and priorities in government spending. The finance ministry told the IMF that the Bangladesh Customs has taken an initiative to sign the Customs Mutual Administrative Assistance Agreement (CMAAA) with the major trade partners. The agreement will help in exchanging information related to transfer pricing, under and over invoicing, narcotics and money laundering related issues. After the meeting with Finance Division officials, the IMF delegation also met with the finance minister. An official present at that meeting told The Business Standard that the IMF has mentioned that the overall economic situation of Bangladesh is satisfactory. However, in the ongoing global context, the organisation advised to be more cautious in the coming days.

Source: https://www.tbsnews.net/economy/imf-briefed-about-176b-budget-support-target-donors-462710